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Bonk Expresses Disappointment In Hope Of Highlighting Solana Composability

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After all 15,000 collectibles were sold, the price of Bonkz NFTs increased by ten times and attracted over $900,000 in trading volume.
Data from Solana marketplace Magic Eden reveals that at the time of writing, over 6,165 different wallets contain these treasures. The memorabilia is based on the well-known Shiba Inu-themed Solana project Bonk Inu, which was not directly involved in the production of Bonkz.

The NFTs, which are digital tokens that signify ownership of a real-world or digital asset, could increase the use of BONK on the Solana network. The previous week has seen a huge increase in the meme token’s transaction volume and buzz.

According to the BONK collectibles’ developers, there are no immediate plans for any practical applications of the tokens. Pricing was $25 worth of the new meme token for the mint, which is the initial release of any NFT. Secondary trading will be conducted using Solana (SOL) tokens.

When this article was written, one NFT sold for more than $280 in Solana. All of the tokens used to purchase these NFTs were torched, which is a phrase for when tokens are permanently withdrawn from the supply. As a result, on Tuesday, over $250,000 worth of bonk’s token supply was taken out of circulation.

As a result, a particular aspect of the NFT drew criticism from locals.
For the mint, Magic Eden claimed to have used its Open Creator Protocol (OCP), which imposes royalties on all collections that embrace it and gives creators the option of banning marketplaces that do not do the same for their collection.

A note regarding the Solana based NFT’s listing on Magic Eden stated,

“We utilized OCP for this mint, so any transfers between wallets should be done on Magic Eden in “My Items” versus directly in wallet.”

In essence, this implies the NFT won’t be available in markets that don’t pay authors royalties.

Bonk’s Hope Of Accentuating Composability Of Solana

The Bonk Inu community, including its developers, criticized such a decision. “BONK is intended to be open source so that anybody can build upon it. In a tweet on Wednesday, developers stated that they were “disappointed to see an exchange limit trade using OCP” and that they were “working on a solution to address the apparent centralized approach.”

The makers of the Solana based NFT recognized the apparent error and said they were “actively working with all stakeholders.”

In the meantime, values for BONK tokens haven’t changed in the last day and are down around 70% from all-time highs.

Bonk Achieves New Milestone As Meme Coin: Eclipses Ethereum Transaction Count

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Notorious Shiba Inu (SHIB) killer Bonk (BONK) has continued to surpass previous milestones, including surpassing the total number of transactions on the Ethereum (ETH) network, and is maintaining its stellar start as a meme coin.

A tweet from the meme coin’s official account claims that in the last 14 days, the token has processed 4,623,518 transactions, which is more than twice as much as Ethereum’s 1,831.79 million transactions. As the first token on the Solana blockchain network to be dog-focused, the new meme coin caused a commotion in the cryptocurrency world. Many people went on board to buy the token as the crypto community sought so much excitement, driving its price to an extremely high pedestal.

At the time of writing, the price of the SHIB killer was $0.00000163, down 57.4% from the previous day. Despite the token’s steep daily decline, its price has increased by more than 2,000% over the last seven days. As a new meme coin, the SHIB killer is on course to surpass Dogecoin’s (DOGE) and Shiba Inu’s return records, and many members of its community think its bullish momentum is just beginning.

Bonk’s Unique Design, The Oomph Factor?

Despite being a relatively new meme coin, the BONK token has a very distinctive design, one of which is its deflationary nature. Of the 56 trillion coins in circulation, the BONK token has burned more than 500 billion tokens thus far.

The new Solana mobile phone Saga is probably going to be used to burn the meme coin’s tokens as well, according to the design of the coin’s burning mechanism. When a user on Twitter mentioned that he could think about using BONK tokens to purchase the phone if some of the revenue will be burned off, Solana Mobile suggested it.

Therefore, in addition to using BONK to pay for the Saga phone, it’s also possible that the business will burn some of the new meme coin tokens it makes from sales.

A new meme coin from Solana is being compared to Shiba Inu by many (SHIB). Additionally, BONK has burn features, just like SHIB. However, compared to SHIB’s 549 trillion in circulating supply, $BONK has a significantly smaller 99.185 trillion.

Solana Phone Initial Distribution Complete, Hints at BONK Burns

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The first customers have received the Saga model, the first batch of Solana phones. It is an entirely Android-compatible smartphone with extra features for interacting with the Solana blockchain, as was to be expected.

Having said that, it’s possible that Saga will go above and beyond what has already been announced in regard to BONK, which the official SOL Mobile account has suggested might be burned.

Will Solana incorporate BONK Inu burns?

The official Twitter account has also made hints about the potential to buy Saga in exchange for a meme token, in addition to the potential to burn the Bonk Inu token using Solana’s phone features.

A new meme coin called Bonk Inu (BONK) is a sort of Solana-based successor to Shiba Inu (SHIB) and Dogecoin (DOGE). Even though the hype surrounding it only recently increased, the token has already increased by 5.351%. 

Numerous Solana-based projects and even official blockchain accounts are actively promoting it at the same time. BONK has a monstrously enormous token supply of 99.185 trillion, just like Shiba Inu. Similar to SHIB, it is suggested to burn the Bonk Inu token to lower the number of zeros.

Over half of the 815 billion BONKs burned to date were intended for the DeGods team, Solana’s most well-known NFT collection. However, the Bonk Inu team retaliated by setting fire to their BONKs after the DeGods team left their blockchain after failing to reach an agreement with SOL.

On January 4, WU Blockchain reported that the well-known Meme token BONK had overtaken USDC and SOL as the token with the ecosystem’s highest 24-hour trading volume.

BONK is a decentralized cryptocurrency that was developed for and by the SOL community. The community received a 50% airdrop of the cryptocurrency’s total supply.

According to Bonk’s one-pager, the project’s developers were dissatisfied with “Alameda’s” toxic tokenomics and desired to develop a more welcoming and enjoyable meme coin where everyone would have an equal chance to participate.

Solana’s Meme Token BONK Is Booming On Its Ecosystem

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According to WU Blockchain, the popular Solana Meme token BONK has become the token with the highest trading volume in the Solana ecosystem, following USDC and SOL, in the past 24 hours.

BONK is a decentralized cryptocurrency created for and by the Solana community, with 50% of its total supply distributed through an airdrop to the community. 

The 50% airdrop will be divided as 20% will go to Solana NFT collections, 15% will go to early Openbook traders, 10% to Solana artists and collectors, and 5% will be allocated to its developers.

Source: BONK page

According to Bonk’s one-pager, the creators of BONK were frustrated with the toxic tokenomics of “Alameda” and wanted to create a more inclusive and fun meme coin where everyone has an equal opportunity to participate. 

WU Blockchain also reported that the top 20 holders of BONK own about 50% of the total supply. BONK DAO alone holds 15% of the total supply, with a significant portion obtained through zero-cost airdrops. However, this concentration means that a rapid sell-off of BONK could potentially occur at any time. 

According to Dune data, over 2 billion had been paid in fees to Solana’ BONK in the last 14 days, where 1,020,554,012 of which on recorded on January 3rd. Additionally, more than one million counts in BONK’s transactions in 14 days.

Source: Dune

However, due to the significant amount of attention that BONK has received, several projects have started accepting the token as payment for NFTs on their platforms. As the Seychelles-based crypto exchange, Huobi Global has recently added BONK to its platform, allowing a larger number of investors to buy and sell the token.

Additionally, several Solana cryptocurrency ecosystems have implemented ‘burn’ mechanisms for NFT-related events. The ‘BONK SBF’ mini-game, in which players spend a tiny amount of the token to smack the failed FTX creator over the head, has undoubtedly increased interest in the new dog coin.

BONK Sents Solana To 20% Rise

Solana (SOL) last week reached its lowest point since February 2021. However, as TronWeekly reported yesterday, its price has increased over 20% in 24 hours and has returned to its prior highs after nearly nine days of losses that dropped it to roughly as low as $8 on Friday.

Source: Tradingview

As Bonk speeds up, SOL surges. It has helped the Solana ecosystem grow at a time when many crypto players thought it was doomed. As per Coinmarketcap’s data, SOL is currently trading at $14.07, sustaining its gains from yesterday of 20% in the last 24 hours and 40% in the previous seven days. Moreover, BONK is trading at $0.000001514 with a 55% rise in 24 hours and 

Dogecoin Rockets Skyward: The Drivers Behind Today’s 16% Surge

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The value of Dogecoin, a cryptocurrency inspired by internet memes, experienced a remarkable surge of over 16% within the last 24 hours. The price of DOGE surpassed the $0.10 mark, an occurrence not frequently observed in 2023. This significant double-digit increase coincides with Dogecoin celebrating its 10th anniversary on December 6, 2023.

Originally launched on December 6, 2013, as a somewhat humorous nod to the popular “doge” meme, Dogecoin has exceeded expectations, defying skeptics and evolving into one of the prominent digital currencies over the past decade. Conceived by software engineers Billy Markus and Jackson Palmer, the token adopts the iconic Shiba Inu “doge” as its recognizable mascot.

Dogecoin’s Ascent: The Remarkable Surge Beyond $0.10 Unfolds

Dogecoin

As of the current writing, the present value hovers around $0.1021, experiencing a 15% increase within the last 24 hours. However, it’s essential to note that DOGE still lags significantly behind its highest recorded value of over $0.7376 in May 2021.

According to CoinMarketCap data, DOGE boasts a 24-hour trading volume of $2.11 billion, propelling it to the ninth position in market cap at $14.4 billion. Despite briefly trailing newcomers like Pepe Coin and Shiba Inu, Dogecoin has reestablished itself as the foremost meme coin in the market. The surge aligns with a broader trend in the altcoin and meme coin sector today, with Shiba Inu, PEPE, and Bonk Token also exhibiting double-digit increases in the last 24 hours.

One significant catalyst appears to be the influx of Dogecoin enthusiasts and speculators, eager to celebrate its tenth anniversary. The meme currency’s resilience is further underscored by its robust online community, with Elon Musk consistently endorsing DOGE as his preferred cryptocurrency.

Shiba Inu Turned Many Into Millionaires With $12 Investment- Report

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At the height of Shiba Inu’s popularity, a trader could have become a millionaire with just a $12 investment. as per a report by leading crypto price-tracking platform, CoinGecko.

Conducting an analysis of 10 meme coin price returns, CoinGecko found that SHIB yielded the highest returns during its bullish phase.

To reach $1 million in meme coin holdings, the minimum initial investment that is needed ranges from $11.87 for Shiba Inu.

On the other hand, investing in the original meme coin Dogecoin on December 15, 2013, required $819.51 to reach millionaire status.

For those who first become aware of the meme coin craze in 2021, Floki Ini, one of the trendiest meme currencies, would demand a larger investment of at least $4,507.98 to become a millionaire.

Other meme currencies, like Dogelon Mars [ELON], Bonk [BONK], or Baby Doge Coin [BABYDOGE], would have cost significantly more as well.

According to the CoinGecko study, “an investor would have had to put between $20,838.51 to $28,297.05, to reach $1 million in either of those 3 meme coins”.

The report also mentioned other rising memecoins like Pepe [PEPE], Wojak [WOJAK], and ArbDoge AI [AIDOGE] which it claimed brought the lowest percentage price returns so far, from the hypothetical purchase date to the all-time high date.

“As a result of the comparatively modest price gains between 424.7% to 531.7%, an investor would have needed upwards of $158,311.59 to become a 2023 meme coin millionaire”, CoinGecko added.

Meanwhile, the Shiba Inu ecosystem has made significant strides in recent weeks. In a limited amount of time, several key players in the meme coin ecosystem have made some crucial announcements.

According to well-known Shiba Inu influencer Lucie Sasnikova, a cross-chain bridge function called “Shibarium Bridge” is currently receiving the finishing touches from the Shibarium team.

Shiba Inu Influencer- “Shibarium Bridge Is In Testing Mode”

The new functionality, which is at the moment in testing mode, is intended to improve the layer 2 solution.

Based on the report shared by Sasnikova, the “Shibarium Bridge” will be compatible with the Ethereum blockchain and can actualize the ETH and SHIB cross-chain SWAP functions.

The announcement has generated curiosity and anticipation among community members who are eager to learn more about this new feature.

Even though Shibarium’s mainnet debut has not yet happened, the news has sparked a great deal of excitement and enthusiasm.

Shiba Inu Leads The Pack: Global Interest In Meme Coins Soars In 2023

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The meme coin craze is sweeping the globe, with certain countries showing particular interest in these speculative assets, including Shiba Inu leading the pack, according to a recent report from Crypto ranking platform CoinGecko. The United States is leading, followed closely by India and the United Kingdom.

The report indicates that meme coins have gained popularity in various regions, including Southeast Asia’s Philippines and Malaysia, Nigeria and Morocco in Africa, Oceania’s Australia and New Zealand, and Canada. These top 10 countries collectively account for a significant 82.9% of interest in meme coins, highlighting their global appeal.

Shiba Inu Dominates Interest: Most Popular Meme Coin In the US & India

In the United States, meme coins have captured the imagination of investors, representing 23.6% of the global interest in 2023. The most popular meme coin in the US is Shiba Inu, driving a remarkable 60.7% of interest. Other notable meme coins in the US include Pepe, Bonk, and Volt Inu.

India comes in second place, contributing 20.3% of global interest in meme coins. Shiba Inu dominates the Indian market as well, generating 55.8% of the country’s interest. Baby Doge Coin also holds a significant share of India’s meme coin interest at 29.9%.

The Philippines and Nigeria have also shown a keen interest in meme coins. Floki is the top choice in the Philippines, accounting for 26.7% of meme coin interest, followed closely by Shiba Inu and Bonk. Nigeria’s meme coin interest diverges from other countries, with Floki and ArbDoge AI capturing the highest interest.

Shiba Inu emerges as the most popular meme coin globally, driving 46.7% of interest among the top meme coins in 2023. Baby Doge Coin, Pepe, Floki, and Bonk also generate notable investor interest.

Interestingly, Pepe captures the most meme coin interest in Canada, while Dogecoin remains the primary choice for meme coin enthusiasts in Morocco. Bonk gained attention earlier in the year for its significant price pump, outperforming both Shiba Inu and Dogecoin.

The study conducted by CoinGecko analyzed page views for the top 15 meme coins by market capitalization. These included well-known coins like Dogecoin, Shiba Inu, and Pepe, as well as lesser-known ones like Kishu Inu, Wojak, and Bonk.

As the meme coin craze continues to grip the world, investors from various countries actively participate in this speculative market. 

However, the dominance of Shiba Inu and the emergence of new contenders demonstrate the dynamic nature of the meme coin ecosystem, leaving room for both established and upcoming coins to capture investors’ attention.

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Solana Surges: Daily Chart Shows Over 9% Rise, What’s Driving the Momentum?

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Solana (SOL), a digital currency ranked as the 10th largest in terms of market capitalization, is presently on an upward trajectory due to the overall positive sentiment in the cryptocurrency market. 

Over the past 24 hours, the global crypto market cap has risen by 6.61%, with SOL’s value also increasing by 8.78% during the same period. As of this writing, SOL is being traded at $22.79, and its market capitalization has surged by 9% with a trading volume of 19.10%. 

However, despite these gains, SOL’s weekly trade line is still in the red, indicating a potential decline in the short term. The data shows that SOL’s value is down by 1.18% in the last seven days period.

The recent surge in value may be attributed to Solana Labs’ announcement regarding the development of an open-source reference implementation for a ChatGPT plugin. 

As reported by TronWeekly, this plugin will enable users to engage with the blockchain, allowing them to transfer tokens, monitor wallet balances, and purchase NFTs upon the release of the ChatGPT plugins.

Solana Network’s Developments

According to the quarterly report, the network is making significant progress over time. Specifically, Solana’s market capitalization saw a 118.1% increase quarter over quarter (QoQ), while SOL revenue grew by 68.7% QoQ.

The BONK airdrop, NFT collections, and DePIN apps boosted fee payer and transaction activity in Q1. LSDs had significant QoQ growth, led by Marinade Finance, Lido, Jito, and JPool. 

Moreover, Solana Foundation invested in ecosystem growth initiatives, including the Grizzlython hackathon. Validator numbers rose by 18.9% QoQ, but an outage occurred after the v1.14 upgrade release in Feb. Network upgrade improvements is planned.

Additionally, Helium’s migration to the Solana network was the most notable event in the cryptocurrency market. According to a tweet by Messari, a data analyst firm, Helium’s migration is considered to be one of the largest decentralized network transitions in history. 

The report further revealed that over 350,000 hotspots have successfully migrated with limited issues reported. This move is expected to have a significant impact on the Helium network’s performance and increase its adoption among users.

Related Reading | Polygon Sees 2nd Largest Spike In Whale Inflows 

Shiba Inu BONE Jumps 9% Following This Listing

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BONE, the central token of Shiba Inu’s layer 2 solution has gained a listing on the Huobi exchange. The trading firm is set to list BONE on April 25, with deposits opening from 06:30 UTC onwards.

As soon as the deposit volume matches market demand, the BONE/USDT spot trading pair will begin trading. Additionally, beginning on April 26 at 08:00 UTC, users can withdraw their BONE tokens, the announcement read.

Shortly after the news, BONE surged by roughly 9%, only to retrace back, and is currently trading at $1.06.

In February, rumors that Huobi might list the token began to circulate. The Seychelles-based trading platform later confirmed these rumors in a post.

Just recently, the Shibarium token was listed on OKX after winning the popular vote in a survey conducted by the top platform. The exchange stated that spot trading for BONE will open on April 25, 6:00 a.m. [UTC].

Prior to the listing, the Seychelles-based cryptocurrency exchange announced it would start a meme coin deposit and listing activity.

It encouraged the cryptocurrency community to vote on their favorite option from a list of meme coins, which included AIDOGE, BONE, BONK, TSUKA, PEPE, OPTI, and QUACK.

The poll’s winners, AIDOGE and BONE, will be made available on the site on April 25.

Shiba Inu’s BONE also secured a listing in the Poloniex exchange which is backed by TRON’s Justin Sun in March.

Shiba Inu’s BONE Multi-Use Cases

The high-profile listings of BONE token coincide with the impending debut of Shibarium, a layer-two scaling protocol developed by Shiba Inu that will form the framework of the ShibaSwap ecosystem.

BONE serves as a utility token as well as a governance token. According to information provided by CoinMarketCap, there is currently 167,333,842 BONE in circulation out of a total token supply of 230,000,000.

The primary function of BONE for Shibarium, whose beta launch is anticipated soon, will be that of “gas,” enabling users to carry out transactions and employ smart contracts on the Layer-2 protocol.

BONE, in addition to serving as the governance token, will let the ShibArmy vote on subsequent proposals. Delegators and validators would both receive rewards from it.


Solana (SOL) Market Cap Surges 118.1% QoQ Despite 15% Weekly Dip

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Solana (SOL), one of the fastest-growing cryptocurrencies, is currently facing a bearish sentiment in the market. The asset, which had been holding steady above $20 since mid-January, has seen a 15% drop in price in the last seven days.

Last year, SOL’s price suffered after the collapse of Alameda Research and FTX, which led to key investors pulling out from the Solana blockchain. The asset gradually started recovering in 2023, recording rallies and pullbacks until it hit $25 on January 21 before retracing.

Recent events have also affected Solana’s price, with the crypto market exhibiting signs of fear due to the threat of economic recession. At the time of writing, SOL’s price stands at $21.51, with a decrease of about 2.61% in the daily chart.

Source: Tradingview.com

Despite the bearish trend, Solana’s price remains above its 200-day Simple Moving Average, giving hope of a long-term revival. However, SOL’s Relative Strength Index confirms the bearish trend.

SOL’s trading volume is up by over 30.26% today, and its support level is at $19.87, with resistance levels at $23.99. Analysts predict that the asset will likely drop below $20 in the short term, but the $19.87 support level could be the pivot point for an uptrend if the bulls prevail.

Solana Sees Strong Q1 Growth

Solana, the blockchain platform, has experienced a strong start to the year, according to the latest State of Solana report from Messari. The report revealed that Solana’s market capitalization has increased by 118.1% QoQ, along with a 68.7% QoQ growth in revenue, thanks to the adoption of priority fees.

The report also highlighted several ecosystem developments that have driven fee payer and transaction activity, including the BONK airdrop, NFT collections, and DePIN applications. Liquid staking derivatives (LSDs) also saw significant growth, led by Marinade Finance, Lido, Jito, and JPool.

The Solana Foundation’s growth initiatives to invest in its ecosystem continued, including the Grizzlython hackathon, which became the largest in Solana’s history. Additionally, the average number of validators increased by 18.9% QoQ, signaling a move towards a more decentralized network.

However, the report also revealed some challenges that Solana faced during the first quarter. Shortly after the release of the v1.14 upgrades on February 21, the network experienced an outage. Plans to improve the upgrade process followed.

Despite the challenges, the report shows that the network remains competitive, with daily unique fee payers and transactions bouncing back from the Q4 lows and remaining steady through Q1. 

Moreover, the platform’s TVL (Total Value Locked) across DeFi applications also remained consistent while new NFTs and games continued to launch and gain traction. The DePIN space also drove incremental network activity.

The network’s progress toward its long-term goals is promising, and the platform looks to continue its growth strategies, build community, and pursue its robust plans for 2023.

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