Jan 18, 2023 at 06:01In early January, the first meme coin on the Solana network made headlines. Launched on December 25, the Bonk Inu (BONK) token rose 44 times, or 4444%, pulling up the native Solana (SOL) token. Liquidity providers
Liquidity providers are investors who provide crypto assets to liquidity pools and, in turn, profit from commissions. For example, LPs receive commissions from transactions on the decentralized finance (DeFi) platform on which they provide liquidity. Liquidity providers are investors who provide crypto assets to liquidity pools and, in turn, profit from commissions. For example, LPs receive commissions from transactions on the decentralized finance (DeFi) platform on which they provide liquidity. rushed to hunt for the coin, as it yields more than 999% per annum.
But since January 11, the situation has changed. According to PeckShield Alert, the price of the BONK token fell by more than 96% on January 18. Sudden discrepancies in the statistical data revealed a stunning truth.
Bonk! Now it hurts
PeckShield data showed that the day before, one of the addresses swapped 1,068,976 BONK to 79,370 wMATIC (wrapped MATIC). MATIC is a native Polygon Network token that made a hard fork of its proof-of-stake (PoS) chain on January 17, lowering the gas fee and improving performance.
That is, at the current MATIC price of $1, the wallet has tokens worth $79,370. If he had not swapped BONK, after the price collapsed to $0.000001 he would have had… 1 dollar!
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wMATIC is designed to be able to exchange MATIC for other ERC-20 tokensThis is the standard used to create and issue smart contracts on the Ethereum blockchain. on decentralized platforms such as QuickSwap (where the above exchange took place).
The most interesting thing is this: the original BONK meme coin is only available on Solana, as the developers repeatedly insisted.
Remember, $BONK is only on Solana! pic.twitter.com/ttbsUXWiAq
— Bonk! (@bonk_inu) January 18, 2023
This means that Bonk Inu (BONK) on the Polygon network is nothing but a scam. Anonymous developer(s) created a copy of the BONK token on the Polygon network, attracting investors who thought they were buying the original token. The scammers then provide some liquidity and farm as much as they can. Afterward, the money is withdrawn, and investors are left with nothing.
lol a fake bonk token on polygon looks like it just rugged. nice. https://t.co/qqvZ1dKrwT
— cardea (kw) 🔥💃 (@Cardeaeth) January 18, 2023
There have been similar situations before, when scammers launched copies of meme coins like Shiba Inu, Doge, and Elon on alternative networks.
What about a real Solana-based Bonk Inu (BONK) token?
The price of the dog token has fallen from its peak price of $0.00000487. Now Bonk Inu (BONK) is $0.0000013. For comparison, the current price of Shiba Inu (SHIB) is $0.00001235, Dogecoin (DOGE) is $0.08645.
Following this unpleasant news of Bonk Inu (BONK) fraud on the Polygon network, the price of the Solana (SOL) token fell 5.21% to $22.53 and MATIC fell 2.29% to $0.988565.
Can Bonk Inu (BONK) beat Shiba Inu (SHIB) and Dogecoin (DOGE)?
As of January 12, in the first 8 days, the BONK price returned 300% compared to 141 days for SHIB and 1,253 days for DOGE for the same threshold, CoinGecko data states.
On January 5, BONK reached an all-time high of $0.00000487, resulting in a gain of 3.649% and a market value of $204,964,399. This success is due to the fact that 50% of the total supply was distributed to Solana’s broad user base as an airdrop.
This is significantly different from the SHIB token airdrop in August 2020, where the anonymous creator, Ryoshi, first locked 50% of the tokens into Uniswap and sent the rest to Ethereum co-founder Vitalik Buterin’s wallet.
BONK’s rise has also had a positive impact on Solana. Its native SOL token rose 63.5% in value from $9.97 on January 2 to $16.30 on January 10, 2023.
This study looks at the interest yields of BONK, DOGE, and SHIB in U.S. dollars from January, 1, 2021 to January 10, 2023.
Since launch, the Bonk Inu team has burned 5 trillion BONK tokens, equivalent to 5% of the team’s total development offering, and launched 15,000 NFTs on Magic Eden on January 10, 2023. Creators can now choose the currency in which they would like to sell their NFTs: USDC, BONK, or SOL. The bonk.run game is launched, and much more. Developers continue to actively make integrations and find new ways to use the token.
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