Since the emergence of the crypto community, memecoins have
been a part of it, yet 2020 and 2021 have brought them to a level they had not
yet reached.
At some point, two memecoins - Dogecoin (DOGE) and Shiba Inu
(SHIB) - had regular places in the top-10 list of the largest cryptocurrencies,
as measured by market capitalization.
The economic decline in 2022 has had a large influence on
many memecoins, yet DOGE and SHIB have stayed in the forefront.
A new cryptocurrency has recently made an appearance, based
on the Solana architecture, and it is making waves. This crypto is named Bonk
Inu (BONK), so let us take a closer look at what it is capable of.
As outlined in their one-pager,
BONK is the first crypto coin focused on Dogs running on the Solana blockchain.
It is a "people's coin," created by the people for the people.
The paper reads that:
"The BONK contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot."
Half of the total amount of the cryptocurrency was
distributed to the Solana community, while the main goal of the team in charge
is to reintroduce liquidity to decentralized exchanges established on Solana.
As a result, this document encapsulates the token
distribution in addition to all the other information.
An Overview of the Allocation of the BONK Token
The Solana community received 50% of the available supply, divided in the following manner:
- 297K individual NFTs got 20% of the total
- Early OpenBook traders obtained 15%
- 10% was given to Solana collectors and artists
- Developers of Solana received 5%
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The usage of technology has grown significantly in recent years and its impact on our lives has been immense. It has become an essential part of how we do almost everything and it is hard to imagine life without it.
Technology has permeated almost every aspect of our lives and has made things
easier and more efficient. It has allowed us to access more information than
ever before and has opened up new opportunities.
The entire quantity of BONK tokens is estimated to be 100
trillion. Here is what the pie chart looks like:
The Price is Being Pushed Up by an Immense Sale of BONK Tokens
In recent days, the BONK team has consumed a substantial
amount of tokens and implemented new features which enable users to burn tokens
by themselves.
On December 4th, the team revealed that the DeGods NFT project's allocation had been burned. Proof of the transaction can be seen here.
This resulted in an elimination of 500 billion BONK tokens from the market,
with no chance of being recovered.
The cost of the cryptocurrency shot to the top, rising more
than 100% in a single day. Over the course of the week since its debut, it has
seen an unbelievable increase of 3000%.
Currently, liquidity providers on decentralized exchanges
such as Orca are offering APIs with an impressive 1000% yield.
Around $20 million in 24-hour volume was recorded for the
BONK/SOL trading pair.
The people behind the memecoin project have chosen to remain
anonymous, just as many other projects do. There is no other information on the
website except the one-page document and links to BONK related materials. [pc]
source: Crypto Potato
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