What Is Bonk (BONK)? Price & Latest Updates

Bonk (BONK) is one of the newest dog-themed meme coins on the market, based on Solana (SOL), one of the largest blockchain ecosystems on the market. BONK is a Solana community project that utilizes the BONK token to give Solana users access to a wide range of DeFi, NFT, gaming, and other platforms. 

How Bonk (BONK) Works?

The Solana blockchain had a rough second half of 2022 because of the collapse of FTX, one of the largest crypto exchanges on the market. FTX was one of the early investors in Solana, and once FTX crashed, many users started panicking that Solana would collapse, too.

This led to an outflow of developers, a decrease in unique Solana wallet addresses, and a sharp fall in SOL value in the last quarter of 2022. Even some reputable Solana NFT collections decided to migrate to other networks like the Polygon (MATIC). 

Because of this situation, part of the Solana community decided to launch the BONK crypto project to save Solana by attracting new users to the network.

As a token on the Solana network, BONK doesn’t have its own blockchain. The token is a meme coin that uses a Shiba Inu as its image. Shiba Inu-themed coins are some of the most popular meme coins, as can be seen by the likes of Dogecoin (DOGE) and Shiba Inu (SHIB).

According to the Bonk developer team, the project is a “people’s crypto” that allows users to interact with numerous platforms on the Solana blockchain. The goal of the project is to bring a new wave of activity to the Solana network. Since its launch in late December 2022, the project has already obtained 85,000 wallet addresses. 

What Is Bonk (BONK) Used For?

The main use case of Bonk is to act as a digital currency that gives users various utilities across the Solana ecosystem. The Bonk developers claim that Bonk will reinvigorate the Solana blockchain and increase on-chain activity in Solana’s DeFi and NFT sectors.

Since BONK is a people’s crypto, the developers decided to launch the coin on the market with a massive airdrop of 50% of the total BONK supply to showcase their dedication to the community.

Despite being a very young project, Bonk has already secured numerous partnerships across the Solana blockchain to show users how useful the BONK token can be. According to the Bonk website, the project already has more than 70 integrations across various platforms. For example, users can play Aurory Tactics or stake AKEO NFTs and earn BONK, create Bonk chat stickers on Dialect, or bet with Bonk on Dual Casino.

Also, BONK holders can use various Solana-based DeFi protocols. Users can stake BONK on Dual Finance, borrow-lend BONK on MarginFi, join Bonk liquidity pools on Orca, Solape, and Raydium, as well as pay other users with BONK through Heliopay. 

Users can also buy NFTs on Solsea, one of the main Solana NFT marketplaces, and get a .bonk web domain through the Onsol platform.

The Bonk developer team is constantly adding new partnerships and integrations to the list in a bid to attract more users to BONK and, consequently, to the Solana blockchain.

Where to Buy Bonk (BONK)?

Despite the fact that it’s a brand new crypto, numerous crypto exchanges have already added support for BONK because of the huge media hype surrounding the token. You can buy BONK on more than 15 marketplaces, such as HTX Global, Poloniex, Orca, Hotbit, Gate.io, and more. 

Most of these exchanges allow users to deposit fiat currency and then exchange it for Tether (USDT) to buy BONK. However, Orca is a DEX platform, which means you can’t deposit fiat currency. You’ll need to buy BONK with some SOL instead.

How Long Has Bonk (BONK) Been Around? 

Bonk is a very young crypto project since it was launched on December 25, 2022. However, the token managed to make crypto headlines quite fast due to its explosive growth of holders and rapid price growth of more than 2000% since its launch, with more than 1600% in one week alone. 

What’s Controversial About Bonk (BONK)?

Although there aren’t any scandals tied to Bonk yet, it’s important to emphasize that it’s a meme coin, and as such, it’s considered an extremely high-risk investment.

Meme coins are usually community-driven projects, which means that they heavily depend on the community’s involvement to flourish. So far, Bonk is witnessing tremendous growth both in terms of market performance and popularity, but there’s no telling how long the Bonk hype will last nor what will happen afterward.

How Many BONK Coins Are There?

The maximum supply of BONK is 99,867,657,417,668, according to CoinMarketCap, but the circulating supply is 56,000,000,000,000. The BONK developer team and a portion of the holders are constantly burning BONK tokens to increase the token’s scarcity as its popularity grows. This drives the BONK price higher because BONK is becoming rare.

During the initial token airdrop, 50% of the total supply was distributed to the Solana community. Part of the tokens (20%) went to the top 40 NFT collections on the Solana blockchain, while 15% went to early traders on the Solana-based Openbook decentralized exchange. Another 10% went to various Solana artists, and 5% went to reputable Solana dApp developer teams.

As for the remaining 50%, it was reserved for the Bonk DAO initiative for managing the Bonk ecosystem, initial BONK liquidity, early contributors, and incentives for the developer team.

Can BONK Be Mined?

No, there’s no BONK mining possibility. All of the coins were pre-produced by the Bonk team, and there’s no mechanism for creating additional BONK tokens. 

Market Cap and Price History of Bonk (BONK)

From the day it was launched, the BONK price has mostly been on the rise.

However, there were also some price corrections, so the token is now trading far below its all-time high of 0.0000048 USD. Currently, the price of Bonk is around 0.0000015 USD per token, while the market cap fluctuates around the 100 million USD mark.

Biggest Competitors of Bonk (BONK)

Developers are launching new meme coins on a daily basis, and a lot of these coins are Shiba Inu-themed. However, many meme coins don’t have any real utility and are only based on community hype. As soon as the hype dies down, most of these coins become irrelevant. 

If Bonk is aiming for success, it has to compete with a bunch of meme coin projects, as well as the two leading coins, DOGE and SHIB. 

What Does the Bonk (BONK) Project Road Map Look Like?

There’s no clear project roadmap on the Bonk website, which might be a cause for concern because most reputable crypto projects have clearly visible roadmaps with plans for future development.

It seems like the only future plan for Bonk is to introduce new partnerships with platforms on the Solana blockchain. 

Pros and Cons of Bonk (BONK)

Pros

• Great market performance of BONK since the token’s launch.
• More than 70 partnerships across the Solana ecosystems, which means users can reap various benefits by holding BONK.
• The BONK user base is rapidly expanding.

Cons

• BONK is a meme coin, and these types of cryptocurrencies are even more unpredictable than conventional cryptos.
• There’s no clear development roadmap.