When allegations of attainable fraud at Sam Bankman Fried’s FTX cryptocurrency alternate, which was the world’s second-largest on the time, first got here to mild, Solana’s reputation took a nosedive. Nevertheless, Solana found a method to swiftly change the ecosystem’s PR. And that method is the toddler meme token Bonk (BONK).
Instantly after FTX’s fall from grace, the Solana group created BONK to refocus the highlight on their decentralized community.
The Launch of BONK
BONK is a meme token that runs on the Solana blockchain. It was launched in December 2022 beneath the slogan “for the folks and by the folks,” and it was created by a group of customers. Since its inception, the worth of a single Bonk has elevated by 3,200%, though at press time BONK has since decreased by fairly a major quantity.
There are numerous tweets from totally different tasks and influencers promoting Bonk giveaways in alternate for retweets and likes. NFT tasks are integrating Bonk into their programs.
It’s attainable that the Bonk airdrop, which consisted of fifty p.c of the full provide of its tokens, prompted big group curiosity and speedy buzz. Twenty p.c of the general airdrop provide is being distributed to Solana NFT collections, which quantity to 297,000 distinctive NFTs; the remaining ten p.c is being distributed to Solana-focused artists and collectors.
As for the builders of the token, no person is aware of who they’re as they’ve opted to stay nameless. We do know that there are twenty-two folks and they don’t have a core staff.
As well as, it’s stated that they’ve all been part of the Solana ecosystem for a substantial period of time and have developed relationships over the course of the previous two years.
Nevertheless, the builders of Bonk Inu have said that they don’t have any present intentions to construct a devoted blockchain community round Bonk. Their focus is totally on boosting Solana’s transaction quantity and demonstrating the worth of the low-cost community.
The creators of Bonk have said unequivocally that neither Solana Labs nor the Solana Basis performed any function in its improvement.
Is The Approach Working?
Clearly. In response to research that was printed on Jan. 11 by crypto in-depth analysis platform Delphi Digital, the variety of whole lively wallets which might be speaking with Solana-based exchanges has climbed by 83%, going from round 45,000 every day to over 83,000 every day.
Delphi analysts stated within the report that the rise in exercise occurred regardless of there being no structural shift or catalyst for the community. They famous the discharge of BONK in late December as the reason for the change.
On the time of this writing, the worth of BONK has dropped by 12% over the earlier twenty-four hours and by 67% over the earlier week.
