BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration – Altcoins Bitcoin News

BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration


After the all-time cryptocurrency price highs in 2021, suffering through the Luna implosion of 2022 and watching countless crypto businesses go belly up, we’ve got a new entrant to the meme coin scene that launched on the Solana network. The crypto asset bonk inu (BONK) has a circulating token supply of around 41.5 trillion and it has managed to gather a market capitalization of around $63 million.

BONK Sees Market Cap Soar to $204 Million Before Plummeting to $63 Million in 24 Hours

The cryptocurrency community has been discussing a new meme token called bonk inu (BONK), a dogecoin (DOGE) and shiba inu (SHIB) wannabe that is now the sixth-largest meme coin asset today. According to the BONK development team and its “one pager,” Bonk is “the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community.”

The airdrop boosted the price of solana (SOL) in recent times after the project has been dealing with negativity stemming from its former relationships with Sam Bankman-Fried, Alameda Research, and FTX. “The Bonk contributors were tired of toxic ‘Alameda’ tokenomics and wanted to make a fun memecoin where everyone gets a fair shot,” Bonk’s one pager further explains.

BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration

The 50% of BONK distribution was split into fractions and 20% went to Solana-based non-fungible token (NFT) collectors. 15% was distributed to early openbook traders, 10% to Solana artists and collectors, and 5% to Solana developers. BONK started to see real-world value on Dec. 29, 2022, when it was trading for $0.000000086142 per token. By Jan. 5, 2023, it jumped to an all-time high (ATH) at $0.00000487 per BONK. But 24 hours later, on Jan. 6, BONK was down 67.9% since the token’s ATH.

The crypto asset’s market capitalization reached more than $204 million down to the Jan. 6 market valuation of around $63 million. While BONK has a circulating supply today of around 41.5 trillion, it once was around 56.02 trillion according to an snapshot. According to the BONK team, much like shiba inu (SHIB), BONK tokens are burned to create scarcity.

BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration data recorded on Jan. 6, 2023.

On Jan. 5, the BONK team said 5 trillion of the meme tokens were destroyed. Furthermore, there are 110,017 BONK holders and data indicates that the top ten holders control 36.81% of the supply. 20 BONK holders command 46.31% of the supply and 58.32% of BONK is held by 100 of the richest bonk inu addresses.

Tags in this story

Airdrop,, Artists, ATH, Bonk, Bonk Inu, Bonk Inu Meme Coin, circulating supply,, Cryptocurrency, Developers, Doge, holder concentration, Holders, Market Capitalization, Market Valuation, massive holder, meme, nft, Openbook, Price Fluctuations, real-world value, richest addresses, Scarcity, shib, shiba inu, Solana, Supply, Token, tokenomics, top holders, wild price

What do you think about the Solana meme coin called BONK? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *