In the world of cryptocurrency, there are many different options to choose from. Some are focused on privacy, others on speed or scalability. But today, we’re going to take a closer look at a unique subset of cryptocurrency designed with a specific theme: bringing liquidity back to the Solana blockchain.
Of course, the Bonk project is built on the Solana blockchain for existing and new Solana users. The first distribution of Bonk tokens happened on the Solana blockchain, where 500 billion of the one trillion minted cryptocurrencies were airdropped.
The Bonk protocol had a distribution system in place. If you were an Openbook trader during the distribution, you would have received your free share of the 15% allocated to others like you, but only as early birds.
Solana collectors and artists also got their free share, twenty percent of the allocation, as encouragement and a liquidity boost for the Solana blockchain. Solana developers also got some coins as a reward for keeping the network safe.
For every crypto enthusiast here, it’s the natural assumption that you know what dog-themed meme cryptocurrencies are. But for the sake of our newbies, let’s talk about what makes a cryptocurrency “dog-themed.”
The currency’s branding, marketing, and overall aesthetic are centered around dogs. This can include things like dog-related logos, mascots, and even names.
One of the earliest and most well-known dog-themed cryptocurrencies is Dogecoin. Launched in 2013, Dogecoin is a Litecoin fork with a cute cartoon dog logo.
In its early days, it was a bit of a novelty at the time. However, Dogecoin has managed to maintain a dedicated following over the years and is still actively traded on some exchanges.
Another dog-themed cryptocurrency that has gained popularity in recent years is Shiba Inu. This digital currency, which takes its name from the popular Shiba Inu dog breed, has seen a meteoric rise in value and has even been dubbed the “Dogecoin killer.” Like Dogecoin, Shiba Inu has a robust online community and has been used to show people their support for the breed.
So why do people choose to invest in dog-themed cryptocurrencies? For some, it may be the cute and playful branding that appeals to them. Others may be drawn in by the sense of community and camaraderie that these currencies can foster. And, of course, some may see it as a way to make a profit.
For Bonk cryptocurrency, there is no way to know what the future holds. However, on the 4th of December 2022, the team burned half of the total number of tokens created, which was 500 billion. In case you’re wondering, this is the other half of the BONK tokens distributed by airdrop.
The destroyed tokens were initially reserved for an NFT project (DeGods) which the developers of Bonk initially wanted to invest in. However, that didn’t happen, so we saw the value of one BONK run up by a hundred percent!
And since then, there has been a 3000 percent increase in its price, according to the Bonk website. This may be attributed to the massive APIs awarded in relation to the cryptocurrency.
Bonk meme cryptocurrency was launched on the 29th of December and is trading at a value of $0.00000124, according to CoinGecko. There is a $52 million market cap with $36 million worth of liquidity being moved around in the project’s ecosystem.
Although the token hasn’t been around for long, it has already garnered the attention of crypto traders.
The developers behind Bonk meme crypto are anonymous, like many other meme tokens in the market.
It’s important to note, however, that investing in any cryptocurrency, dog-themed or otherwise, carries a high level of risk. The value of these currencies can be highly volatile and can fluctuate rapidly. It’s important to research and only invest what you can afford to lose.
This brings us to the question of what you can use a meme cryptocurrency for. Not everyone will trade this coin for profit, so what can you do if you don’t fall into this category?
Well, like every other cryptocurrency, you can use Bonk tokens as a medium of exchange. Some trading pairs include Bonk/USDC, Bonk/SOL, and Bonk/USDH, among others.
Another use-case of Bonk meme cryptocurrency is as a form of expression and community building. Other meme coins in the industry have a dedicated fanbase, who use them to show their support for a particular meme or internet culture, and Bonk crypto is no different.
Let’s talk about the advantages of trading Bonk crypto without further ado.
First, it is affordable. Because meme projects are created to introduce light-heartedness to the blockchain, they often have a low market cap and can be purchased for pennies on the dollar. This means that even a small investment can net you a large number of Bonk coins.
In other words, you can earn more by investing less, which helps minimize your risk.
Another perk is its high volatility. Bonk tokens can experience wild price swings like any meme or low-value coin. This means that if you invest at the right time, you could see a massive return on your investment.
Trading Bonk tokens also brings you to a highly social space because of the immersive community of enthusiasts investing in and trading the crypto. Because meme coins are often created and promoted online, they have a large and active community. This can be a great way to stay updated on the latest developments and trends in the crypto market. It can also be a way to make new friends.
Finally, trading Bonk crypto promises to be fun! Investing in a meme coin is often an exciting and lighthearted way to get involved in the world of cryptocurrency, even for newbies.
In conclusion, dog-themed cryptocurrencies are no longer new in the market. They’ve managed to maintain a dedicated following over the years, and Bonk is no stranger to this.
Whether you’re drawn in by the cute branding or the sense of community, always remember the risks involved with investing in any cryptocurrency. Always do your research and never invest more than you can afford to lose.