Bonk Inu is the first meme token based on the Solana ecosystem. This Solana dog coin was created for and by the people. It duplicates the idea of Dogecoin, basically using dog memes to garner a large community.
The coin/token resides in the Solana blockchain. Bonk Inu describes itself as a fun meme coin where anyone can get an equal chance to participate and build something unique. BONK has garnered speedy adoption and massive potential as the first Solana-based meme coin.
What is The Potential of BONK INU?
BONK Token Price Potential
Soon after its inception, the token was listed on crypto-focused analytical networks like Coingecko and Coinmarketcap. On these sites, you can find price and volume details associated with this Solana-based token.
The token’s price actions have, without a doubt, appealed to the average investor. Since registration, the token has gained value immensely. So, this coin was listed on Coinmarketcap while trading at $0.0000001078.
Coinmarketcap data charts on BONK
When writing this report, Coinmarketcap data indicated that the coin’s value had surged to $0.000001888. So, since its listing on CMC, the token’s value has surged by over 1651%. In the 24 hours preceding this report, this new meme token surged by over 67%.
BONK recorded insanely high trading volumes in the very early days of its birth. Coinmarketcap’s analytics indicate that the token had over $124 million in trading volumes in just the 24 hours between the 3rd and 4th of January. Already, we have 56 trillion of those tokens circulating in the markets, and billions have already been burnt.
The crypto markets have plateaued for a couple of weeks now, with most of the coins in bear trends. Despite being born at such a time, there are still high hopes from investors, especially in the Solana ecosystem. Hence the numbers seen in trading volumes and adoption indicate some degree of investor confidence.
There’s already a sentiment within the crypto community that the current profits could easily be shortlived, primarily because of the market conditions. However, at the moment, many speculative traders are taking on the available profiting opportunities. Due to the long-term negative sentiment on the project, many investors should readily implement proper exit strategies after gaining super profits.
The Solana-based decentralized exchanges, the first to list this token, have gained millions in trading volumes from BONK alone. The liquidity pools have benefited from the massive fees paid for such transactions. With most pools offering 1% of fees to liquidity providers, the investors have amassed large profits.
Possible Dogecoin Killer?
There are already a lot of coins and tokens originally termed Dogecoin killers, but only one (SHIBA INU) truly challenged the giant meme coin. However, there is a general sentiment in the market that despite the token being highly overhyped, it’s still capable of growing to Doge’s heights.
One of the main reasons for such an assertion is the link between BONK and non-fungible tokens. So, the project founders airdropped many of these tokens to Solana communities. This means that creators and buyers alike got a share of the token. This airdrop triggered the current hype noted in the project.
Furthermore, the interest in BONK INU led to more demand for SOL. Being one of the main assets to buy BONK, many people want to buy SOL.
Magic Eden Integrating Bonk?
Amid the ongoing hype on this new Solana-based meme token, various networks have taken the initiative of promoting and supporting the young token. One such network is Magic Eden. Magic Eden tweeted a few days ago about the possibility of integrating new cryptos starting with BONK.
Despite this token being the typical meme asset, it could soon be used to pay for NFT purchases on NFT marketplaces. Magic Eden’s interest in adding BONK INU indicates how Solana-based networks are ready to back the token because of the potential they see.
Why the Solana Backing Sets BONK Apart
As already established, BONK INU is based on Solana smart contracts. As such, it targets the Solana community by offering them their first meme coin. Does this Solana backing help BONK in any way? Yes! But how?
Past evidence supports the assertion that BONK could be a big player in the industry. Consider the emergence of Magic Eden. Despite Opensea being the most dominant force in the NFT space in 2022, Magic Eden continually challenged it. This is because Magic Eden is based on a competing blockchain network. Hence, the users of the Solana chain helped speed up Magic Eden’s success.
The case study shows the potential of the new Solana-based meme token in the industry. Despite being very young, this token has the potential to challenge the most significant player in the industry, DOGE. The Solana community has very high hopes concerning this project. Therefore, they will offer maximum support in most cases.
So, Where Can You Buy BONK?
Soon after its launch, BONK INU earned a listing on various decentralized exchange networks almost instantly. The coin was available for trading on a couple of Solana-based networks. Among the DEXes supporting the purchase and sale of BONK include Raydium, Orca, and Jupiter. Most DEXes offer only the BONK/USDC and BONK/SOL pairs.
However, soon after, $BONK earned a further listing in more cryptocurrency exchange sites, mostly centralized ones. For instance, when writing, BONK was registered in several centralized exchange networks, including Gate.io, Bybit, BKEX, Huobi, and MEXC.
Currently, the available pairs in centralized exchange networks include BONK/USDD and BONK/USDT. With the token speedily gaining adoption, it could easily earn more top listings in the coming days.
Buying a BONK token is easy, especially when dealing with a centralized or decentralized exchange network. Here are a few significant steps;
- Log in to your exchange account (Huobi or MEXC)
- Find the spot trading option
- Search for BONK, and choose one of the available pairs
- Add details about the purchase amounts
- Simply complete the trade.
Final Word
The first Solana-based meme token is here, promising great rewards and profits for its investors. In less than 2 weeks of its existence, the coin provided massive profiting opportunities for traders and liquidity providers. Some believe that BONK’s profiting opportunities will be short-lived. However, many others choose to take advantage of the short-term profits while setting good exit strategies.