Trending Project

Trending Project: BONK

A new dogcoin has taken Solana by storm.
Jan 10, 20232 min read
  1. Ticker: BONK
  2. Sector: Dogcoins
  3. Network: Solana
  4. FDV: $173M
  5. Hotness Rating: 🔥🔥

Tl;dr: A new dogcoin has taken Solana by storm.

BONK Token Distribution: Source - BONK One-Pager
  • BONK is a Solana-based dogcoin. The token had a “fair launch” distribution, with 50% of its supply being airdropped to various Solana communities and stakeholders including holders of prominent NFT collections, developers, and traders on Openbook, a fork of the Serum DEX. BONK currently trades with a market-cap of $71M and an FDV of $173M.
BONK/USD - Source: Birdeye
  • BONK has experienced significant volatility in both directions since its launch on December 26. This includes a more than 23,500% increase between December 28 and January 5, though the token has since fallen 63% from its highs. BONK’s massive increase can likely be attributed in part by a bounce in the price of SOL, which has soared 60% since December 29 from $8.30 to $13.31.
BONK Trading Volumes - Source: Nansen
  • During its peak between January 4-5, BONK saw a whopping $365.91M in trading volumes, with liquidity pools on Orca, a Solana-DEX, boasting a more than 4-digit annualized return for LPs.
  • BONK has begun to be adopted by the Solana NFT community with Metaplex, an NFT infrastructure protocol, announcing via tweet that the token will be able to be utilized for mints. Another noteworthy event took place on January 5 when BONK developers announced they would be burning their allocation, which accounts for 5% of the dogcoin’s circulating supply. However, this has clearly not proven unsuccessful in stemming any declines in price.

Hotness Rating (🔥🔥/5):

There’s always a bull-market somewhere, with BONK absolutely exploding off the back of a bounce in the price of SOL. While the dogcoin may have found a soft-spot in the hearts of the Solana community, investors who fomo-ape now may find their portfolio bonked.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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