Solana's terrible affiliation with FTX caused its system difficulty keeping up. BONK appeared to be prepared to assist in any way it could.
In this article, we will discuss what BONK is, its features, tokenomics, history, and how to buy BONK tokens.
What Is BONK?
The Bonk (BONK) token was initially introduced in December 2022 and built with the Solana community in mind.
Like Doge and SHIB, BONK is a meme-coin based on the concept of dogs. BONK places significant emphasis on community development, with a particular focus on expanding decentralized exchange (DEX) and decentralized finance (DeFi) functionality.
Developed by DexLab and distributed with a negligible amount of fanfare around the coin's debut. However, following a somewhat successful debut, many DeFi traders and NFT fans have discovered that they enjoy using the token.
Current price: $0.0000003381
Market capitalization: 33.92 million
Total supply: 99867.65 billion
History of BONK
At the end of December 2022, BONK was distributed to the public in an airdrop. Even though the founders have decided to maintain their anonymity, it is known that they did burn their portion of the supply to maintain the price.
BONK has had a very high degree of volatility regarding its price changes. The price increased by more than 2,000% and reached a market valuation of more than $200 million in only a few short weeks after the original airdrop.
How Does BONK Work?
Dogecoin and Shiba Inu are two other crypto coins with dog themes, similar to BONK. BONK was created to boost the Solana platform and help its expansion continue. The major benefit of the BONK token is based on the broad use of the token itself. BONK has successfully and widely distributed its newly issued tokens through an airdrop strategy that distributes tokens to many wallets.
Additionally, BONK has renewed interest in the Solana platform after it faced some real challenges over the past year. Getting the BONK token into more hands is more useful for helping the Solana community unlock the platform's full potential than just having it concentrated among a smaller group of exclusive investors. Widespread circulation has a better chance of happening if ownership is spread more broadly across many users.
Features of BONK
Payments & Price Speculation
Price speculation and making transactions are the two primary applications of the BONK cryptocurrency. Since the airdrop, the price has been extremely fluctuating, which is to be expected for such a new and relatively unimportant cryptocurrency. Many people are trading tokens back and forth in the expectation of making a profit.
Others make use of the token as a method of monetary exchange. It has been incorporated into the initiatives already underway on the Solana chain. For instance, Duel Casino lets players use BONK to place bets on well-known casino games. Another illustration would be the app Aurory, which enables users to compete in games against others and win BONK in exchange for their victories.
In general, BONK does not include the same use cases as other huge tokens, but it does have a place for itself in the space reserved for dog-themed meme coins.
The BonkSwap
BonkSwap is a distributed trading platform that was developed on the Solana blockchain. Traders can instantly trade digital assets such as SOL and USDT in an environment that does not require authorization or depends on trust.
The platform enables users to construct liquidity pools and earn crypto rewards in real time by earning a percentage of the pool's transaction fees. In addition, BonkSwap operates a prediction market that goes by the name BonkOrBust. Players in BonkOrBust wager BONK on whether or not the price of SOL will increase or decrease throughout a given period.
Integrations of BONK Systems
Bonk is integrated with over 50 protocols used in the cryptocurrency field, ranging from analytics platforms to cryptocurrency exchanges and online businesses. This includes a selection of apps for gambling and decentralized WiFi, various payment options, and social media tipping services.
Mint Tracker
A comprehensive and automatic list of all of the NFT collections currently being minted is compiled by the Bonk NFT Mint tracker. Collectors who want to acquire fresh digital materials before they are unavailable can benefit from this technology.
The fact that the Bonk Mint Tracker does not restrict itself to listing collections from the Solana NFT is an intriguing aspect of the app. In addition to that, the tool highlights ongoing mints from many other top chains, such as Ethereum (ETH) and Binance Chain (BNB).
Tokenomics
How to Buy BONK Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ million of users worldwide with 100% reserve. With its 700+ tokens supported, including BONK, users can now trade easily and seamlessly. To purchase BONK tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to BONK Trading Page: Once your account is funded, go to the dedicated BONK trading page on CoinEx. Here, you can find various trading pairs involving BONK tokens.
- Choose a Trading Pair: Select the desired trading pair that matches BONK with another cryptocurrency. For instance, you may choose BONK/USDT if you wish to trade BONK against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of BONK tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade BONK on CoinEx, taking advantage of the available trading pairs.
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