Bonk Coin (BONK) is a meme coin constructed for the Solana neighborhood to re-energize itself following the collapse of FTX and its subsequent impact on SOL, which ended up dropping practically 97% from all-time highs after the debacle.
In response to the challenge, Bonk contributors had been bored with poisonous “Alameda” tokenomics and needed to make a enjoyable memecoin the place everybody will get a “honest shot.”
Bonk Coin’s ecosystem features a decentralized utility (DApp) that permits customers to pay BONK in change for “bonking” an image of Sam Bankman-Fried with a baseball bat, burning a portion of their tokens.
50% of the full provide of BONK tokens was airdropped to Solana holders, and at time of writing, BONK has a market cap of $51 million.
BONK launched at a worth of $0.000000086142 and exploded to $0.00000127, marking a rally of about 1,374% in a matter of about 5 days.
The brand new Solana-based Dogecoin imitator has since cooled off, at present buying and selling about 39% from its all-time excessive however nonetheless 957% up from its launch worth.
Rallying alongside BONK, Solana has additionally exploded within the final week, leaping over 60% from its native low of $8.30, at present altering arms for $13.33.
Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses you could incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in affiliate marketing online.
Featured Picture: Shutterstock/eliahinsomnia/WhiteBarbie