As at March 21st 2024, dog-themed meme coin and social media darling BONK is up over 3000% year-on-year. So what’s driving its phenomenal growth – and How is BONK different to other dog-based meme tokens?
Updated August 21 2024. The BONK meme coin is up over 8000% year-on-year. In this blog post, we will explain what BONK coin is, how it was launched, what makes it unique, and where you can buy it.
What’s Driving The BONK Coin price?
BONK’s price momentum began surging in October 2023, after the introduction of single-sided staking BONK pools. This feature allowed BONK token holders to earn a yield on BONK without having to deposit a second asset that BONK would trade against.
At that time users, transaction fees, and the number of BONK transactions surged. Factors in BONK’s price momentum this year have included a listing on the Revolut app in April, making it accessible to a broader audience in the European Union, the UK and other eligible countries. The addition of Revolut means BONK now has impressive exchange and app availability and is tradable on Coinbase, Kraken, ByBit, Crypto.com, OKX and around 25 other dexes and exchanges.
Other meme coins that have a longer history and similar large market caps, like PEPE, have been ignored by major exchances, but with BONK the ‘Listing Effect’ is clearly evident. These listings have boosted the mainstream legitimacy of the BONK token and introduced it to a much larger user base. In addition, BONK perpetual swap derivatives can be traded on the popular trading platform, Bitmex, with up to 10x leverage.
Also in April, the Bonk DAO approved a historic proposal to burn over 278 billion BONK tokens, representing almost 5% of the total supply. This move was aimed at creating scarcity and potentially increasing the token’s value. The BONK community overwhelmingly supported the proposal, with 99.9% voting in favor. Following the burn announcement, BONK experienced a significant price surge, increasing by 40% in less than 24 hours.
In 2024, most major meme coins have ridden the wave of Bitcoin’s momentum, but their gains have been significantly greater – for reasons explained here. For example, while Bitcoin is up 62% between the first of January and June 9th price of $69,404 BONK is around 110% over the same period.
Current price: 0.00001805
Ratio with: -4.9%