What is BONK?
Another loveable dog-themed memecoin on the Solana blockchain, BONK has been gaining traction as the 'people's dog coin'. Learn more about BONK in our guide.
What is BONK crypto?
BONK (BONK) is a Solana-based memecoin that aims to be "the people’s dog coin."
Created in late 2022, BONK was launched to provide a community-driven alternative to memecoins like Dogecoin and Shiba Inu, with a special focus on decentralization and fairness within the Solana ecosystem. Unlike traditional cryptocurrencies, BONK leans heavily on its playful, dog-themed branding and meme culture, similar to other popular dog coins. However, BONK distinguishes itself by being the first major memecoin on the Solana blockchain, launching with a massive airdrop to Solana users that rapidly grew its popularity.
The idea behind BONK was to create a fun, accessible cryptocurrency that wasn’t controlled by venture capitalists or large centralized entities, which was a sore point in the Solana community after the FTX collapse. This coin was positioned as a lighthearted yet rebellious way for Solana users to unite and reclaim control over their ecosystem.
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How does BONK work?
BONK works similarly to other memecoins in terms of tokenomics and community focus, but with a few key differentiators. Built on Solana’s blockchain, BONK leverages the high throughput and scalability of Solana, which can handle thousands of transactions per second. This makes BONK faster and cheaper to use than Ethereum-based memecoins like Shiba Inu.
BONK tokenomics and distribution
At the time of launch, BONK airdropped 50 trillion tokens to various Solana community members, including NFT collectors, developers, and artists. In total, BONK has a supply of 100 trillion tokens, with the distribution designed to engage different parts of the Solana ecosystem:
50% was airdropped to community members
20% was distributed to early contributors
20% went to Solana NFT collections
The rest was allocated to team development, marketing, and liquidity
The goal behind this distribution model was to reward Solana users and creators, encouraging wide adoption of BONK across the ecosystem. BONK has been integrated into over 350 projects on the Solana blockchain, including DeFi protocols and NFT marketplaces.
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What’s the future of BONK?
As a memecoin, BONK’s future is highly speculative and closely tied to the strength of its community. Memecoins thrive on social media presence, memes, and viral trends, so BONK’s success will largely depend on maintaining momentum and community engagement.
While BONK experienced a meteoric rise in early 2023, including a price surge of over 2,000%, it has also seen significant volatility. The token’s value has dropped significantly since its peak, which is not unusual for memecoins. To counteract this, the BONK team burned 5 trillion tokens to reduce supply and potentially stabilize prices.
Despite the fluctuations, BONK continues to develop partnerships and integrations across the Solana ecosystem. Its creators have outlined a vision for further community involvement, increased decentralization, and ongoing development. However, as with any memecoin, future success is far from guaranteed.
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Where to buy BONK
You can buy BONK on several centralized and decentralized exchanges. Some of the most popular platforms where BONK is available include:
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How to buy BONK
Buying BONK is straightforward, especially if you’re familiar with how to trade crypto. Here’s a step-by-step guide:
Create an account: Sign up on a crypto exchange that lists BONK, such as Binance, Coinbase, or get a wallet and connect to a Solana dex like Orca.
Verify your identity: You may need to complete a KYC (Know Your Customer) process for centralized exchanges.
Deposit funds: Fund your account or wallet with either fiat currency or another cryptocurrency like Bitcoin (BTC) or Solana (SOL).
Place an order: Navigate to the BONK trading pair (e.g., BONK/USDT or BONK/SOL) and place a market or limit order to buy.
Withdraw to wallet: For added security, consider withdrawing your BONK tokens to a personal crypto wallet like Phantom or another Solana-compatible wallet.
BONK Taxes
In many countries, cryptocurrency is a taxable asset, and BONK is no exception. If you trade or sell BONK, any profits you make may be subject to capital gains tax. If you receive BONK as part of an airdrop or staking reward, this may be classified as taxable income, depending on where you live. You can learn more in our crypto tax guides about the rules where you live - but Koinly can help you calculate your BONK taxes easily. Sign up free today.
