# CRYPTO 101

$BONK: The Memecoin Revitalizing Solana

BONK

KEYTAKEAWAYS

  • BONK is a dog-themed meme coin on Solana, promoting DeFi and NFT transactions.
  • The project gained popularity through a large-scale airdrop to the Solana community.
  • Bonk integrates with multiple projects, bringing new energy to Solana.

CONTENT

Bonk (BONK) is a dog-themed meme coin on the Solana blockchain, aiming to be the primary currency for DeFi and NFT transactions. It emphasizes community participation and has rapidly gained adoption.

 

 

 

WHAT IS BONK?

 

Bonk aims to become the primary currency on the Solana network, encouraging DeFi and NFT transactions. As a social token, Bonk places great emphasis on community participation through BonkDAO.

 

Bonk is the latest Shiba Inu-themed meme coin launched in the Solana ecosystem. The project started planning on December 9, 2022, and called for interaction with other projects in the Solana ecosystem. On December 25, Christmas Day, Bonk officially launched a large-scale airdrop targeting the Solana ecosystem.

 

According to the official introduction, a total of 100 trillion BONK tokens were issued, with 50% of the tokens airdropped to the Solana community. These tokens were distributed to developers of LamportDAO (the hub for Solana builders), holders of NFT projects like Famous Fox Federation, and even projects like DeGods that had previously announced their migration to other chains. The specific distribution is as follows:

 

  • 20% to Solana NFT collections, including 297,000 individual NFTs
  • 15% to early Openbook traders
  • 10% to Solana artists and collectors
  • 5% to Solana developers

 

Most of the remaining supply is locked in the Bonk contributors’ vesting contracts.

 

Most members of the Solana community received BONK tokens, making this “holiday airdrop” a widely exciting event. After the airdrop, Bonk became a hot topic of conversation and tweets among Solana developers and community members. Although it is portrayed as a meme coin, BONK tokens are steadily gaining adoption within the Solana ecosystem. According to Bonk’s official website, Bonk has already integrated with 27 projects, including the open-source wallet xNFT Backpack, decentralized exchange Orca, liquidity aggregator Jupiter, and payment tool Helio Pay. Even the NFT trading market Magic Eden tweeted about considering integrating BONK as a new payment currency.

 

>>> More Memecoin : Shiba Inu (SHIB): The Dogecoin Killer


BONK MEME CULTURE

 

Let’s analyze from a cultural perspective why a seemingly unoriginal meme coin can become so popular.

 

If you often browse memes, you might be familiar with the “Bonk” meme. The image of the popular Shiba Inu, Cheems, being bonked on the head with a blunt object is used to self-deprecatingly indicate feeling down or to humorously express the desire to hit someone. This meme is called “Bonk”, which is the sound of a head being struck.

bonk

According to Bonk‘s official website, the contributors to Bonk were tired of the toxic “Alameda” tokenomics, such as the deceptive tokens FTT, SRM, OXY, and MAPS launched by Alameda on Solana. These tokens have low circulation and high FDV, making their prices easily manipulable and concentrating wealth in the hands of a few. Therefore, Bonk aims to create a fun meme coin where everyone has a fair chance.

 

After being overshadowed by the FTX and Alameda scandal for more than a month, the Solana community finally found the courage to face the difficulties. By using self-deprecation and humor, they aimed to completely shake off the negative influence of “VC chains” and SBF (Sam Bankman-Fried), which surprisingly had a motivational effect.

 

A Solana community member, @0xbustos, even created a Bonk meme game where a Shiba Inu hits SBF on the head with a baseball bat. Players can spend BONK tokens to start the game, accompanied by the caption, “Felt angry, bonked Sam again, felt great.”

 

bonk game

Perhaps this release of emotions resonated with the community to some extent, but I believe more people were captivated by BONK‘s beautiful price chart. Regardless, Bonk indeed injected new energy into the sluggish Solana and its community. Whether it’s a fleeting moment or the beginning of prosperity, this brought a good start to the new year for Solana after a significant market shakeout.

 

BONK VS DOGECOIN AND SHIBA INU

 

Dogecoin (DOGE) and Shiba Inu Coin (SHIB) are two leading meme coins in the crypto ecosystem, both featuring dog themes. Dogecoin is a fork of the Litecoin network, while Shiba Inu Coin is built on the Ethereum blockchain. Bonk, on the other hand, is built on the Solana blockchain, a faster blockchain network compared to Ethereum.

 

As meme coins, DOGE and SHIB have experienced significant volatility. In 2021, driven by hype, most of the price movements for DOGE and SHIB were positive. Much of the hype surrounding Dogecoin was fueled by Elon Musk, who was the world’s richest person at the time. Elon, dubbed the “Dogefather,” endorsed Dogecoin multiple times and even approved Dogecoin as a payment currency in some Tesla stores.

 

For Shiba Inu Coin, the project is now community-driven, with developers and participants doing a great job in maintaining the project. Shiba Inu Coin is not only meme-related but also has an active NFT community with artists and curators.

 

Meanwhile, Bonk‘s role in the crypto ecosystem was quickly realized. It turned out that Bonk is not just a dog-themed cryptocurrency but also a revitalizer for Solana. Just as more use cases were discovered for Dogecoin and Shiba Inu Coin as their projects developed, we can expect the same for Bonk as long as the community remains active.

 

>>> More Memecoin : Dogecoin (DOGE) : King of Memecoins


FAQ

 

  • What is Bonk?

Bonk (BONK) is a dog-themed meme coin based on Solana, originating from the popular meme of the Shiba Inu, Cheems, being bonked on the head with a blunt object.

 

  • What is Bonk Meme Culture?

It can be used to humorously depict feeling down or getting hit, as well as the desire to hit someone. This meme is called “Bonk,” which is the sound of a head being struck.

 

 

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