The crypto space can be wild, with people making hundreds to thousands to even millions of dollars in so short a time. One meme coin that has made people money most recently is the BONK coin, tagged as "the dog coin of the people" on its website.
BONK
The token was launched on the 25th of December 2022 and apparently, the idea behind it was to create a community coin that will be used as an interoperable utility token across all the DApps on Solana and every user will have the opportunity to become part of the ecosystem, 'where everyone gets a fair shot'.¹
- Ticker: $BONK
- Total Supply: 93.92 Trillion
- Circulating Supply: 60.84 Trillion
- Maximum Supply: 100 Trillion
- Market Cap: $1.48 Billion
Per the BONKPaper, the goal of the project was to bring back power to the people.
BONK is a functional multi-utility token that will be used as the medium of exchange between supporters of the Bonk ecosystem in a decentralized manner. The goal is to provide a convenient and secure mode of payment and settlement without any intermediaries.²
It mentioned further that holding BONK may mean one has the right to use it to interact in the BONK ecosystem.
Token Distribution
Accordingly, 50% of the BONK supply was airdropped to all the community members that make Solana the thriving community - from NFT degens, DeFi participants to developers and promising artists - everyone in the community received BONK on Christmas day of 2022.³
Here's how the BONK supply is distributed:
21% SOL NFT Projects
15% to Market Participants and DeFi Users
10.5% to Artists and Collectors
5.3% to Solana Developers
21% to Early Contributors
22 individuals helped launch and continue to advance BONK since its inception, each has provided early support in the form of artwork, token design, marketing, integrations, web development, business development, and provision of early liquidity. Their shares are subject to 3-year-long linear vesting schedules ensuring all incentives are aligned for BONK’s long-term success.⁴
15.8% to BONK DAO
To be used for initiatives conceived by the wider BONK community.
5.3% Initial Liquidity
Used in Raydium, Orca, and Solend, alongside other platforms like FFFlip, Monaco Protocol, and the BoiBook.
5.3% for Marketing
For promotions with teams like AssetDash, and further giveaways and incentives for the promotion of BONK.
Distribution Objectives
Per information from Bonk's website, the token distribution is centered around giving back to the community and focused on two main objectives:
1️⃣ First was to reward the Solana community after an extremely difficult year in 2022.
2️⃣ The second is to "align incentives and ensure that the BONK ecosystem continues to thrive well into the future. To achieve this objective, a significant amount of tokens have been earmarked for the BONKDAO to allow community members to form and fund initiatives that light their fire as well as for marketing endeavors, development activities, grants, and other activities that further drive BONK’s growth."⁴
Integrations & Listings
The team behind BONK aims to become the number 1 community coin on Web 3 and accordingly, that is going to be achieved through expanding more. To date, BONK has been integrated in over 117 integrations in various categories (DeFi, exchanges, gaming, NFT, social, wallet etc).
Trading of the BONK token started on the 30th of December 2022 and at the time of this writing, it is listed and tradable in more than 29 exchanges (in DEXs and CEXs). It was recently listed on Coinbase and Binance which is believed to have contributed to the token's price pump.
Personal Thoughts
BONK went from an unknown coin into the top 100 cryptocurrencies (3rd largest meme coin) in terms of market capitalization when the price surged up to 1000% within a month. This goes to show how wild the crypto verse can be and can result in making people into millionaires by just buying into meme coins or sh*tcoins.
That is why most can't keep themselves from speculating these days. While there are maxis, there are people always on the lookout for the next big thing and it's pretty nice when they get that break.
I was on an X Space this morning and one of the speakers kind of echoed what I had in mind when he admitted that having experienced making good profit from BONK, he realized that he had been missing too many opportunities to make money because he was playing safe and didn't want to buy just any token.
While that can be true for some, we still need to do our due diligence and only invest what we can afford to lose.
By the way, there was a snapshot taken on November 30 and those who were holding at least 1 million BONK in their wallets are eligible to take part in the "12 Days of BONK Christmas" and get rewarded.
For infotainment only. None of these constitute an endorsement of the token or investment advice.
Sources: Bonk / Whitepaper / CMC / Medium / Bonkmas
Lead image created on Canva. Logo and screenshots from Bonk. No copyright infringement intended. 16122023/17:38ph