Have you ever wondered what’s behind the rapid rise of a meme coin? Bonk (BONK), a meme coin based on the Solana blockchain, has seen a stunning price increase of 2,236% in a month. But what makes Bonk so special and why are investors and crypto enthusiasts rushing into this new coin? In this article, we delve deep into the world of Bonk, exploring its unique features and which meme coin investors are also eyeing. Discover with us the fascinating world of meme coins, where humor meets financial innovation and unexpected twists are the order of the day.
What is Bonk?
Bonk (BONK) is a meme coin based on the Solana blockchain, known as first “Solana Dog Coin” designed for and by the community. Bonk represents a reaction to “Alameda” tokenomics, which is perceived as toxic, and aims to to be an entertaining meme coin where everyone gets a fair chance.
The coin was originally launched on Christmas Day 2022 as a free AirDrop to the Solana community. Approximately 50% of the total supply was distributed to the Solana community via AirDropsto promote fair engagement and signal a move away from what are perceived as toxic “Alameda” tokenomics.
The $BONK token positions itself as a community coin of the Web3, whose utility comes from a strong community and a thriving ecosystem of integrations. So far, $BONK has more than 131 integrations across 9 different blockchains, has reached over 473,616 holders and is on over 25 different centralized and decentralized exchanges listed.
$BONK’s development strategy is based on three pillars: Multichain integration, simplifying DeFi for holders and expanding its use as the preferred in-game currency in blockchain games with over 25 active integrations.
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Bonk consists of several components: Bonkswap is a platform related to Bonkcoin that allows users to trade their tokens. Bonkbot is a Telegram trading robot on Solana that enables quick and easy trading transactions. Users can insert a token address into Telegram and immediately send a purchase transaction.
Wormhole is a decentralized, general-purpose messaging protocol for blockchains that enables interoperability between blockchains. It connects multiple blockchains, such as Ethereum, Binance Smart Chain, Terra, Solana, Polygon, Avalanche and Oasis.
Buybonk uses Mayan Finance’s protocol to purchase cryptocurrencies. The token swap Openbonk However, uses the OpenBook DEX instead of an automated market maker (AMM). BONK can also be used in conjunction with various NFTs.
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What do you need the BONK token for?
The BONK token is a cryptographically secured, fungible protocol token of the BONK network. He is as interoperable utility token designed to be used as a medium of exchange between supporters of the Bonk network ecosystem.
BONK should have one convenient and secure payment and billing method between participants within the ecosystem without intermediaries such as centralized third parties. BONK represents this no shares, rights or interests and does not entitle you to any fees, dividends, income, profits or investment returns.
BONK’s distribution strategy focuses on giving back to the community. Become there 21% of coins distributed among 40 active Solana NFT projects, with another 15.8% going to Solana market participants and DeFi users. 10.5% of the supply is dedicated to artists and art collectors, and 5.3% goes to developers on the Solana chain. An additional 21% is reserved for early contributors and 15.8% for the BONK DAO, which is used for BONK community initiatives. In addition, 5.3% is earmarked for initial liquidity distribution and marketing campaigns.Start of form
Bonk price forecast
Interestingly, BONK has one considerable price increase of 2236% experienced within one month. It has a 24-hour trading volume of over EUR 87.7 million and a Market cap of approximately $222.9 millionwhat got him up Place 230 in the CoinMarketCap-Ranking positioned.
In a remarkable development On January 6th, BONK developers burned 5 trillion of their BONK tokens, to create bullish sentiment. After this token burn event, in which nearly $1 million of BONK was removed from circulation, BONK’s circulating supply shrank by 5% to 94.16 trillion.
This caused the BONK token to rise by 3,670% from its starting price of $0.000000109 to $0.000004109. After a subsequent strong sell-off to as much as $0.0000001779 in mid-October, the According to CoinMarketCap, the token reached a new all-time high today and recorded a daily increase of a remarkable 43.55%.
Meanwhile, however, Bonk is heavily oversold according to RSI, with values of almost 94 even being reached. In addition, the Relative Strength Index also shows a bearish divergence which indicates a correction.
But the weekly pivot point and the Keltner channel also indicate overbought conditions. Nevertheless one could Exceeding the all-time high with a daily closing price above this will result in a continuation of FOMO.
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Meme Kombat a better chance than Bonk?
Meme Kombat, an innovative cryptocurrency and gaming platform, could offer a better opportunity compared to other memecoins like Bonk, especially because of its unique approach and potentially strong user base that combines that of all other meme coins.
Meme Kombat is designed as a play-to-earn gaming platform, but combines some of the most attractive crypto trends into a single project. It is a fusion of meme coin, artificial intelligence, GambleFi and play-to-earn.
The one based on the cult game Mortal Kombat Meme Kombat offers players the opportunity to to fight with popular meme characters, stake tokens and place bets with the staking stakes. It currently pays an annual percentage return of an impressive 534% in staking as well as book profits from the gradual price increases of the presales.
Also notable is the strong demand for Meme Kombat’s token during the presale, with nearly $2 million invested. This underlines the great interest and confidence of investors in the project, which is also confirmed by many media and analysts.
One reason for this lies in the fact that the… Meme Kombat team doesn’t need to hide like most other meme coins as it was founded by crypto and NFT analysis specialists from North Technologieslike Matt Whiteman.
Meme Kombat offers a unique benefit in contrast to many other and mostly pointless meme coins. With the help of artificial intelligence, the gaming experience and entertainment value should be taken to a new level.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de, P2E News.com, Ariva.de and News.de.