In recent years, even those who have been only distantly following the cryptocurrency market are aware of the interest in dog-themed memecoins. Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) created millionaires overnight, with Dogecoin, especially, gaining prominence due to support from billionaire Elon Musk, which sparked a strong memecoin hype. Since then, many memecoins have been launched, and the latest trending memecoin in recent weeks is Bonk (BONK). In this article, you can find answers to many questions, such as what Bonk is, what BONK coin is, and how to buy BONK coin, which was recently listed on the major cryptocurrency exchange Binance.
What is Bonk?
Bonk is the largest memecoin operating on the Solana Blockchain. It was launched with the aim of bringing liquidity back to the Solana ecosystem. The developers describe the memecoin as “created for the people and by the people.” BONK coin is essentially a Solana Program Library (SPL) token. It has adopted Solana Blockchain’s Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms.
Although the developers of Bonk remain anonymous, they have provided a brief background on the origin of the memecoin, following in the footsteps of Shiba Inu’s creator. While the individual creator(s) are unknown, the token’s creation is associated with Dexlabs, a decentralized exchange and launchpad.
The Bonk team expressed their frustration with the toxic tokenomics created by Alameda on the Solana Blockchain and wanted to create a fun memecoin that would give everyone a fair chance. Bonk was created to restore liquidity to the DEXs in the Solana ecosystem, which had collapsed in the weeks leading up to its launch.
As is well known, November and December 2022 seemed like the end of the world for Solana investors. During that time, the Solana ecosystem was heavily impacted by the FTX and Alameda scandal. The fact that Alameda had $1.1 billion worth of SOL on its balance sheet, which accounted for more than 10% of the total supply, shook Solana. After Alameda’s collapse, the company had to liquidate most of its assets, including SOL, while trying to weather the turbulence. As expected, these sales caused a massive drop in SOL’s price.
After the sharp decline in SOL’s price, many investors lost faith in the ecosystem, and several Solana-based NFT projects migrated to another network. This further reduced liquidity in the ecosystem. Until Bonk arrived on the scene, it seemed like everything was over for the Solana Blockchain.
Bonk developers saw this period as the perfect time to launch the memecoin, as they had been working on the dog-themed memecoin a few months before Solana’s collapse. BONK coin was launched on December 25, 2022. As promised, a significant portion of the memecoin’s supply was distributed via AirDrop to Solana artists, collectors, and developers, which helped restore liquidity to the Solana Blockchain.
BONK Coin Commentary
Memecoins are known for their extreme volatility and rapid price fluctuations. BONK coin has followed this trend. After its launch, the memecoin attracted significant liquidity to the Solana ecosystem. The Bonk team aimed to take control away from large players and bad actors and return it to users on the Solana Blockchain. The memecoin’s whitepaper outlines several integrations to achieve this goal.
The first step in achieving this was to implement an AirDrop distribution mechanism to support Solana founders and users. For this, half of BONK coin’s supply was distributed via AirDrop to Solana’s Degen and DeFi traders, NFT artists, and developers. This massive AirDrop resulted in increased liquidity in the Solana ecosystem.
How to Buy BONK Coin?
BONK coin can be safely bought and sold on the world’s largest cryptocurrency exchange, Binance, thanks to the trading volume it generates. BONK coin was listed on Binance on December 15, 2023, and can be traded in the BONK/USDT, BONK/FDUSD, and BONK/TRY pairs.
To buy BONK (if you don’t already have an account), you must first sign up for the Binance exchange. After completing the registration process, you need to transfer cryptocurrency or fiat currency like Turkish Lira to your Binance account wallet. Once the transfer is complete, you can purchase BONK coin in any of the three pairs mentioned above.
To buy BONK/USDT on Binance, first go to the trading pair interface. From the limit tab in the trading pair interface, enter the amount you want to purchase in the designated area. After entering the amount, complete the purchase by clicking the Buy BONK order.
