Bonk coin was launched on Christmas Day in 2022, with an airdrop of approximately half of its token supply. BONK made headlines after climbing over 4,000% from $0.0000001102 on December 30 to a high of $0.000004541 six days later, on January 5.

So, how did Bonk Inu (BONK) manage to skyrocket over 7 days during the crypto winter?

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Let's find out what exactly BONK is and how it managed to rally to the moon! You can easily track your BONK in your Solana wallet with CoinStats.

What Is BONK?

Bonk coin is the first dog-themed coin on the Solana network, similar to other meme coins before it, including Dogecoin, Floki Inu, and Shiba Inu.

Launched on December 25, 2022, the Bonk coin went from $0.0000001078 on December 30 to $0.000004892 on January 5, representing a massive 4,438 percent spike. One of the primary reasons for the spike in trading volume and increased buying pressure was the hype around the massive airdrop, which distributed 50 percent of the 100 trillion total supply of Bonk coin amongst the Solana community.

According to the whitepaper, Bonk is dubbed "for the people by the people," and as a result of this mission, almost the entire community of NFT collectors, developers, and artists received a massive stack of BONK coins.

The whitepaper also claims that BONK was launched to dispel the negativity around Solana that has been impacted by the FTX collapse. SOL, the network’s native cryptocurrency, lost 97 percent of its value in 2022. Bonk's airdrop led to an increase in the SOL token price (a rise of 34% in 48 hours).

Like other meme coins, Bonk may have limited utility at the outset, but its continued adoption by Solana enthusiasts could result in an influx of developers who might be incentivized by the 5% of the token held back for devs. 

Bonk Founders

The original idea of the Bonk team was to bring back liquidity to Solana-based decentralized exchanges (DEXs). Tired of toxic "Alameda" tokenomics, they wanted to make a fun meme coin where everyone gets a fair shot. The full-fledged community coin was designed to be used across all the DApps built on Solana and each user to become part of the ecosystem. 

The token was created by Dexlab, and initial funding was supported by Helio. Famous Fox Federation also played a key role in the launch.

The team behind Bonk coin has remained anonymous since its inception. Very little information is available about the founders, and the project has a small digital footprint on the Internet, except for an active Twitter account.

As of January 2023, there is no comprehensive whitepaper for investors on the official website; instead, visitors can see the one-pager and the Bonk paper with information about the token distribution, integration details, and links to the blockchain explorer — SolScan.

How Does Bonk Work? 

Created to support Solana, the Bonk project provides various benefits to users due to the utilities and partnerships across the Solana ecosystem. BONK is used for price speculation and payments. Many investors are buying the token to make a profit, while others use the token as a payment method. For example, Duel Casino allows bets on popular casino games with BONK, while Aurory enables users to play games and earn BONK for winning. 

As a Solana-based token, BONK relies on a unique combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms, which improves throughput and scalability. 

Frequently Asked Questions

Where Can I Buy BONK Tokens?

You can buy Bonk or trade it at top cryptocurrency exchanges such as BTCEX, Bitrue, Bybit, BingX, and Bitget. Fox Federation and Jupiter Exchange are some of Bonk’s official partner markets. Additionally, BONK can be used on various Solana DeFi platforms, such as Orca, Raydium, and Solape. 

How Many Bonk Coins Are There in Circulation?

The current circulating supply of Bonk is 36.16T. This is the total amount of BONK that is available.

What Is the All-Time High for Bonk (BONK)?

The highest price paid for BONK since it was launched or listed (ATH) was $0.00000487, recorded on January 5, 2023.

What Is the Lowest Price of BONK?

BONK has an all-time low (ATL) of $0.000000086142, recorded on December 29, 2022.

How Does the Price Performance of Bonk Compare Against Its Peers?

With a price increase of over 2,000% since its launch, Bonk (BONK) is outperforming the global cryptocurrency market and similar meme coins.

Also, the project has a market capitalization of over 200 million USD, along with more than 85,000 unique wallet addresses. However, as all meme coins are highly unpredictable, investors should be cautious.