It appears that bonk_inu $BONK is the newest kid on the Solana block, and it's driving some serious volumes for the past few days. Here's a quick explainer 👇 👇
The bear market of 2022 has impacted most memecoins severely, but DOGE and SHIB continue to be leading coins.
That said, there’s a new kid on the block – one built on Solana – and is going the miles. The cryptocurrency in question is called Bonk Inu , so let’s have a closer look at what it actually does., BONK is the very first Dog-themed memecoin on Solana that’s “for the people, by the people.”The BONK contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.
50% of the total supply of the cryptocurrency was airdropped to the Solana community, while the main purpose of the team behind it is to bring back liquidity to decentralized exchanges built on Solana.BONK Token Distribution Explained20% of it went to Solana NFT collections The total supply is set to 100 trillion BONK tokens.
For instance, on December 4th, the team announced that the allocation that was supposed to go to the DeGods NFT project has been burned. The transaction can be foundThis sent the price to the sky, as it was up more than 100% on that day at one point. Overall, since it was launched, the cryptocurrency has already increased by over 3000% in the past week.
Another reason for this is the fact that liquidity providers on popular decentralized exchanges such as Orca are yielding APIs upwards of 1000% at the time of this writing.The team, as with many memecoin projects, has remained anonymous. The website itself doesn’t contain other information but the one-pager and the rest of the links to BONK-related resources.
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