BONK Token
As at January 1st 2024, dog-themed meme coin and social media darling BONK is up over 7000% on its Jan 2023 price. So what’s driving its phenomenal growth – and how is BONK different to other dog-based meme tokens?
In this blog post, we will explain what BONK is, how it was launched, what makes it unique, and where you can buy it.
What’s Driving The BONK price?
BONK’s price momentum began surging in October, after the introduction of single-sided staking BONK pools. This feature allowed BONK 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. Other factors in BONK’s price momentum have been the recent announcement on December 14th, that blue-chip publicly listed exchange Coinbase would be listing the token.
Other meme coins that have a longer history and similar large market caps, like PEPE, have been ignored by Coinbase, but with BONK the ‘Coinbase Effect’ is clearly evident. The listing has boosted the mainstream legitimacy of the BONK token and introduced it to Coinbase’s large user base. In addition, BONK perpetual swap derivatives can be traded on the popular trading platform, Bitmex, with up to 10x leverage.
BONK-mania is also benefiting the wider Solana ecosystem. BONK has boosted the sales of Solana’s Saga crypto-phone. New owners of the phone have been able to claim airdrops of BONK. Saga holders can claim up to 30 million BONK. At current market rates, this is ~US$695. This is more than the price of the Saga phone, (US$599).
What is BONK?
Like PEPE and DOGE, BONK is a meme coin inspired by internet memes, jokes, and satire. Meme coins are not designed with a specific use case in mind, but rather as a way to express humor, creativity, and social commentary through cryptocurrency. While BONK is similar to DOGE and SHIB in that it features a cute dog as its mascot and logo, it differs from them in several ways.
