An Analysis on Shiba Inu-Themed BONK Tokens

According to BONK’s official website, “BONK is the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community. The BONK contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot”.

BONK: The Peoples Dog Coin

BONK, a Shiba Inu-themed token, has returned 2,220% to traders in the past week. With a 150% rise in the past 24 hours alone. The token was airdropped to Solana NFT (non-fungible token) communities and creators, which led to quick hype and trading volumes for the token, on January 3rd, 2023. It noted an increase over 150% in the past 24 hours and has recorded some of the highest trading volumes on Solana-based decentralized exchanges.

However, the current BONK price is $0.000002 USD with a 24-hour trading volume of $97.67 Million USD. BONK is down 50.68% in the last 24 hours.

The flat market and contagion risks does not seem to discourage crypto traders from finding the next major narrative to generate returns. BONK is at the center of that in the Solana (SOL) ecosystem.

Data sourced from Orca indicates the BONK/SOL pair has conducted more than $14 Million in trading volume, while the BONK/USD coin pair saw over $6.2 Million. Both pools are paying out nearly 1% hourly to liquidity providers, or over 24% each day. “The metrics made BONK the most traded token on Orca, a popular Solana DEX, with trading volumes higher than even Solana, usually the most popular trading pair with USDC.”

It must be noted that BONK tokens are seeing steady adoption in the Solana ecosystem. Meanwhile, various Solana projects have already integrated BONK tokens for use as payments for listed NFTs, and some other introduced “burn” mechanisms for NFT-based events.

According to its Tweet, “5 Trillion BONK tokens allocated to “The Team” have been burned.”

“Based on data from a community dashboard, $BONK has had more transactions over the last three days than Ethereum had over the same period of time. That’s the power of Solana,” as mentioned in the BONK tweet.

According to a media report, “the data reveals over 3 Million BONK purchases were performed over the previous 3 days, recommending energetic engagement from owners. Special BONK holding purses have actually expanded to over 86,000 since Friday from under 25,000 at the beginning of this week.”

Nancy J. Allen
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