The capitalization of the asset grew by more than 36% per day

Solana-based BONK has become the third-largest “dog” meme token ever created

06.12.2023 - 12:52

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3 min

What’s new? Within a day, as a result of a sharp jump in the exchange rate, the market capitalization of the BONK token increased by more than 36% to $516,5 million. As a result, BONK overtook its main competitor, FLOKI, becoming the third largest “dog” meme token after DOGE and SHIB. The mascot of all four projects is a Shiba Inu dog. The capitalization was later adjusted to $483,6 million, but the asset retains its third place.

CoinGecko’s data

What else is known? BONK is a very young project compared to its competitors, it was launched only in late December last year, while SHIB and FLOKI have existed since 2020 and 2021, respectively, and DOGE celebrates its 10th anniversary on December 6. BONK is the first such project to be released on the Solana blockchain.

The developers position the project as a meme coin “created by people for people.” 5% of the total 99 trillion coin offering at launch was distributed via airdrop to the Solana community, including blockchain developers, creators of NFT collections based on the blockchain, and participants of top NFT projects, to encourage the use of the asset and increase liquidity on decentralized exchanges (DEX) in the ecosystem.

The creators also stated that they were “tired of toxic “Alameda” tokenomics and wanted to make a fun meme coin where everyone gets a fair shot.” Alameda, a hedge fund subsidiary of bankrupt crypto exchange FTX, was one of the largest investors in the Solana blockchain, with $1,16 billion worth of native tokens SOL in its accounts.

After the collapse of the exchange, the court approved the liquidation of those assets to reimburse creditors, and in November, FTX managers began unstaking SOL and transferring them to exchanges for gradual sale. On December 5, the company transferred another $90 million in SOL to the Coinbase exchange. At the same time, the rate of the asset added 5% over the day.

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Last month, BONK entered the top 5 coins in terms of profitability according to CryptoRank analysts, adding 189% from November 6 to November 12. At the time of writing the news, the asset is trading at $0,00000789, having added 22,6% over the day.

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