Dogecoin-rival Bonk sees explosive growth to post 380% gains since the start of the new year.
Buoyant price performance pushed the token to a new all-time high of $0.000000972799 in the early hours (UTC) of Jan. 3.
Scant details are available on the token. For example, the whitepaper appears unlinked on the website as of press time, and CoinMarketCap shows little background information on the project.
However, since trading opened on Dec. 29, BONK has recorded 653% gains. Similarly, trading volume has snowballed over the last 24 hours, growing more than 1,800% to over $5 million.
The arrival of the Solana-based meme token comes at a time when the chain is undergoing a crisis of confidence over its ties to the disgraced FTX exchange.
Bonk hype goes into overdrive
Social media mentions of Bonk have flooded users’ timelines.
Posts include mentions of airdrops, giveaways, meme posts, and comments on saving and uniting the Solana community during this challenging time.
However, among the many posts are also undisclosed promotions from known shill accounts.
Despite that, as evidenced by Bonk’s strong price performance, interest in the project is intensifying. So much so that Solana’s leading NFT marketplace by volume, Magic Eden, mentioned Bonk as a candidate for platform integration.
“It’s a new year, maybe we should integrate some new cryptocurrencies or chains
What do we know?
The crypto market has no shortage of doggy meme coins. While Shiba Inu came close to overtaking the original in terms of market cap last spring, none to date have managed to oust Dogecoin from the top-dog position.
According to the Bonk website, and similar to Dogecoin and other Inu tokens, the project is “for the people, by the people,” with 50% of the five trillion token supply airdropped to wallets that participated in the top 40 Solana NFT projects, early open-book traders, Solana artists, collectors and devs.
The project came about as a direct consequence of “toxic ‘Alameda’ tokenomics,” and intends to bring fairness and fun back 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.
As of Jan 3, 11:00 (UTC,) the MEXC exchange will list Bonk for trading with a USDT pairing.
