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.
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.
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.
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