Bonk

What is Bonk (BONK)?

The Solana blockchain, or ecosystem, has now acquired its own dog-themed cryptocurrency, which goes by the name BONK.

It was in 2021 that meme coins saw their limelight, with several investors raking in massive gains. Notably, out of every meme coin out there, Dogecoin appears to be right there at the top and has been for quite a while.

Origin and Evolution of Bonk

While the developers behind the BONK token have remained anonymous, like Shiba Inu’s creator, its team revealed a backstory about the origin of the token. Although the individuals who made it are unknown, Dexlabs is associated with its creation, which is a launchpad and a decentralized exchange.

In its own words, its team was fed up with those, “toxic Alameda tokenomics within SOL,” and sought to make a fun meme token that could give users a fair shot. Speaking of Alameda, the downfall of FTX was undoubtedly followed by the downfall of Solana and its native token, SOL. Many investors had simply lost faith in its ecosystem, with some Solana-based projects even migrating from the network, drawing the liquidity down even further.

A few months before Solana crashed, BONK’s developers had already been working on their dog-themed token.

Then, in the midst of the mayhem, the token was officially released on December 25, 2022. A massive portion of the supply was then airdropped to Solana-based developers, collectors, and artists, which played its part in bringing in liquidity to the Solana chain.

Key Features and Technology Behind Bonk

Since Bonk is largely based on Solana, it’s an SPL token that relies on Solana’s technological infrastructure to keep it afloat and secure. Other than that, the key features it comes with are BONKSWAP, BONKBOT, BUYBONK, WORMHOLE, OPENBONK, and an NFT marketplace.

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The Blockchain Technology of Bonk

As stated earlier, the BONK token and its ecosystem are based on the Solana blockchain, but how is it impacted by it? Let’s look at that below.

Blockchain Innovations in Bonk

Solana is often regarded as being considerably more scalable than Ethereum or Bitcoin, and since Bonk is based on it, it can leverage that in the day-to-day transactions accompanying its token. In other words, Bonk will benefit from the higher throughput and lower fees that accompany Solana.

Smart Contracts and the Utility of Bonk

Since Bonk has facilitated various elements like token swapping and buying or selling NFTs within its ecosystem, smart contracts naturally represent the code that underlies the transactional execution taking place, or any utility associated with this platform.

Exploring the Bonk Network

Mentioned below are the core components that can be found within its ecosystem, along with the role that the native token, BONK, may play within such an ecosystem.

Components of the Bonk Ecosystem

As mentioned previously, the key components found within its ecosystem are currently BONKSWAP, BONKBOT, BUYBONK, WORMHOLE, OPENBONK, and an NFT marketplace, with each play its own role. BONKSWAP, for instance, as the name implies, delivers your standard swap mechanism but also comes with earning options pertaining to staking and liquidity.

Role of BONK Tokens within the Ecosystem

Underlying the features mentioned earlier is the BONK token, which serves as a medium of exchange or a way to access the features within its ecosystem.

Bonk Token (BONK)

Let’s now direct our attention towards its native token and look at some of the roles that it plays within the Bonk ecosystem.

Functionality and Utility of BONK Tokens

The BONK tokens may be exchanged for any of the other various tokens that the ecosystem supports; they can also be staked or used as an instrument for earning additional tokens.

Tokenomics of BONK

Looking at its tokenomics, the token is currently valued at $0.00000463, with a market capitalization of over $197 million, a fully diluted valuation of more than $430 million, and a daily trading volume of approximately $83 million. Moving on to its supply, this is where the numbers get really huge. Both its maximum and total supply appear to be more than 93 trillion, and its circulating supply is over 42 trillion, making the token rather inflationary by design.

Comparison to Dogecoin and Shiba Inu

Ultimately, BONK is no different in its value proposition than either Dogecoin or Shiba Inu. The only difference is that it is Solana’s own dog-themed iteration of the whole meme coin niche within the cryptocurrency sector, and that it isn’t as popular as them.

How to Acquire and Store BONK

If what has been mentioned so far has piqued your interest in this token, then we will briefly cover how you may buy it.

Purchasing BONK on Gate.io

There are a couple of exchanges that have listed this token, which you may use to buy BONK. Among these is Gate.io, which will entail several procedures that may take a while. These will likely include registering an account, going through KYC and submitting documentation evidence proving your identity, making that first deposit, engaging with the options provided to buy the BONK token, and finally withdrawing them to your wallet once your order has arrived.

Click on the link below to register on Gate.io using a special Coin-Labs referral code.

Secure Storage Options for BONK

Once the tokens have entered your possession, having a secure means of storage should be prioritized, considering the nature of the landscape you are engaging in. Currently, the safest option would be cold wallets, which store your keys offline, where they will be safe against the various threats that lurk on the interwebs.

The Investment Potential of BONK

But how does BONK fare as an investment, one might be wondering? Below, we will be discussing just that.

Analyzing BONK as a Crypto Asset

Since it is a meme coin, it serves no real purpose other than simply existing as a meme, which was the whole point of Dogecoin before people started to look for areas where it could be utilized. In Bonk’s case, other than helping Solana to whatever extent, the only real utility it may have is within its own ecosystem, where it provides basic exchange functionalities that can already be found on many other prominent blockchains, and not so much beyond that.

Market Trends and Investment Strategies for BONK

As far as how the token has been performing in the market, though, it has been doing well, at least when compared to how it did during the middle of this year, managing to hit even new highs.

As for investment strategies, you have your standard holding, diversifying your portfolio, and gathering more insights within the market or social media that could have a positive impact on the token’s worth. The last is probably the most important, considering the nature of the token.

Risks and Rewards of Investing in Bonk

Outlined below are some of the potential risks or rewards that may be associated with investing in this token, i.e., the things that you likely need to look out for.

Understanding the Volatility and Risks of BONK

One should be careful of the volatility associated with any cryptocurrency, except perhaps stablecoins, but that should be particularly apparent with meme tokens, as they practically live off of hype and seldom come with any practical value or utility.

Whether or not this token and the ecosystem accompanying it are an exception is ultimately up to you to decide or discern.

Long-Term vs. Short-Term Investment in BONK

Investing in the long or short term is dependent on the investment in question. For investments that may accrue value or, at the very least, hold on to their ground in the long run, their functionality can be comparable to that of gold, and such investments are rare to come by, particularly within the cryptocurrency landscape and especially within the niche of meme tokens.

Therefore, as of now, investing in the short term, particularly with this token, might make more sense, though that doesn’t necessarily leave the long term completely out of the equation if you feel that this token might still hold some relevance much later on.

Bonk’s Integration with DeFi

Here, we will look at how Bonk integrates itself within the expanse known as DeFi and whether it provides anything new to the formula.

The Role of Bonk in the DeFi Ecosystem

Bonk can have a handful of roles within the DeFi sector, though whether they will be of any substantial merit or warrant consideration is unclear.

As an investment, though, it may likely grant you those short-term gains, provided you have invested at an opportune time, but beyond that, any utility it may hold can already be found in any other token out there, particularly ones like BTC, ETH, XRP, or more.

Bonk’s Impact on DeFi Projects and Protocols

Beyond Solana, it’s hard to say whether it will leave any worthwhile impact on other protocols, as its functionality beyond the Solana ecosystem will not be that different from your standard meme coin.

Future Roadmap and Development Plans

While the team initially sought to revive trading volume within Solana, having believed itself to have done so, the team voiced its plans of developing the project with the long-term in mind. The features planned for the future include a DAO, being listed on more centralized and decentralized exchanges, and eventually becoming the central or true community token of Solana.

Conclusion

Starting with the noble goal of rewarding Solana’s community, which was dealt a serious blow at the hands of venture capitalists like Alameda, Bonk has expanded its offerings since and seeks to become even more fleshed out later on, with the inclusion of a DAO and more exchange listings planned. However, whether or not it will ultimately be successful in the long term is yet to be seen.

We Coin-Labs.com provides only objective information about Bonk.
Therefore, we are not responsible for the investment decision in Bonk and the resulting loss.

Bonk Basics

Here are some factors that investors should consider before investing in Bonk.

Cryptocurrency Features	Bonk (BONK)
Publisher or Developers
Headquarters (Registration Number)
Symbol	BONK
Platform	Solana
Published Date (CMC Registration)	2024-11-01
Max Supply	No limit

Reliability Score of Bonk in 2024

These are indexes mesuring the investment reliability of Bonk conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 3 Exchanges
Number of Available Pairs Worldwide	528 Pairs
Market Cap of the Cryptocurrency	634,183,540 USD (Rank #94)

The table above shows the result of investment suitability evaluation for Bonk.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Bonk Price

Here are the price and recent trading volume of Bonk. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of Bonk
Bonk Price	0.000 USD
Price Change 24h	-3.97%
Price Change 7d	-11.79%
Trading Volume 24h	99,143,956 USD
Trading Volume Change 24h	-3.54%

Cryptocurrency Metadata

You can check the development status and social media information of Bonk through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://www.bonkcoin.com/
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter	https://twitter.com/bonk_inu
🤖 Reddit
🎺 Message Board

Where to Buy Bonk

Here are the top ten world crypto exchanges where traders can buy Bonk in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Listed	https://www.htx.com/en-us/trade/bonk_usdt?type=spot
Bitstamp	Not listed
Bybit	Listed	https://www.bybit.com/en/trade/spot/BONK/USDT
Gate.io	Listed	https://www.gate.io/trade/BONK_USDT

Frequently Asked Questions