Solana-based Bonk Inu token (BONK) skyrocketed 4444% in 12 days: is this the ceiling?

The first SolanaA public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). dog coin for the people and by the people, as the developers call Bonk Inu (BONK), went live on December 25, 2022. Just in 12 days, the coin has risen in price 44 times, or 4444%, and pulled up the price of Solana’s native blockchain token (SOL) from $8 to $13 (+61%). Liquidity providers are after the coin because it is capable of yielding more than 999% per annum.

What is the Bonk Inu token (BONK)?

This Shiba Inu-style token was created to reward the blockchain community for supporting Solana. 

The launch and promotion of the project are being handled by the decentralized organization BonkDAO. According to the plan, 50% of all coins will be distributed for free as airdrops to developers, artists, and NFT collection holders on the Solana blockchain (a total of 100 trillion coins will be issued, of which 1 billion + 500 billion will be allocated to DeGodsThis NFT project has moved to the Ethereum network. already “burned” on January 4, 2023). Another 20% was allocated to 22 individuals who contributed to the launch of the meme token. Of the remaining 30% of BONK tokens, 15% were allocated to BONK DAO, which was tasked with promoting the initiatives, with 5% each set aside for marketing, initial liquidity, and future development.

Interestingly, the creators of the Bonk Inu token (BONK) remain anonymous. What is not typical at all, the team has no Discord server or Telegram channel. Only Website and Twitter are available.

Rapid takeoff and support for SOL

While at first, the meme token looked hyped-up and not serious at all, it is now in the spotlight. That’s evidenced by the price. On December 30, BONK was worth $0.00000009. As of January 5, 2023, BONK’s price rose to $0.000004 with a 24-hour trading volume of $178,549,913. Thus, in 12 days, the token Bonk Inu (BONK) has risen in price 44 times or 4444%.

CoinMarketCap’s current rating is #2594, with a market capitalization of about $241,805,867. But according to Solscan, the token’s market capitalization is $367,975,807 with a current supply of 99,184,853,863,795 BONK and 105,300 holders.

Solana ripping at 3.3k TPS despite an absolute tsunami of transactions around $BONK and a number of over tokens pic.twitter.com/BXXUFmKpmz

— Solana Legend 🎒 (@SolanaLegend) January 4, 2023

The project is rapidly gaining momentum. In just over a week, the Bonk Inu token (BONK) has succeeded in the following:

• raising the value of the Solana network’s native token SOL from $8 (as of the end of 2022) to $13 as of January 5, 2023;
• launching its own merch;
• becoming available on Binance Smart Chain (BSC) via Pancake Swap;
• becoming tradable on PancakeSwap with BNB and BUSD pairs;
• partnering with Solana projects such as Famous Fox Federation, Orca, Raydium, and Solend (the full list is here);
• Tulip Protocolyield aggregation platform built on Solana with auto-compounding vault strategies has enabled BONK-SOL and BONK-USDC vaults for farming;
• entering major crypto exchanges such as Coinbase, Huobi, Bybit, DigiFinex Global;
• running BONK Coin Flip NFTs, providing weekly passive income to owners of 75% of the income generated in the game. The mint price is 0.69 SOL. There will be a total of 333 pieces; 30% have already been sold;
• users can get a .bonk domain by burning 69 million BONK here;
• BONK is being distributed on a 3-year linear vesting schedule for early contributors (start 12/31/2022) and the team (start 06/30/2023) using Streamflow.  

What’s next for the Bonk Inu token (BONK) price?

Aggressive cooperation with new projects and introducing new uses for the token have done their work. But it wasn’t just the hype that inflated the price so much. Liquidity providers are after it. Liquidity pools on Solana-based decentralized exchanges (DEX) such as Orca have raised more than $20 million for trading pairs involving BONK. This brought in thousands of dollars in commissions to liquidity providersLiquidity providers are investors who place their cryptocurrency tokens on DEX to receive transaction fees, usually in the form of tokens.. It’s possible to get more than 999% per year. This is much higher than SOL/USD.

How long a meme coin will stay afloat is difficult to predict. CryptoPredictions.com made a price forecast for the BONK token, which estimated that the cryptocurrency could close in 2023 at an average price of $0.000018 and rise to an average of $0.00002 in 2024.

On the other hand, PricePrediction experts predict that the token will close the year at an average price of 0.00000553 and 2024 at 0.00000819.

However, to maintain interest in the token, developers will have to work regularly to expand the partnership and support it.