New memecoin Bonk outperforms Dogecoin and Shiba Inu, returning 300% in worth in simply 5 days
The brand new Solana-based memecoin Bonk (BONK) has skilled exponential progress since its launch on December 29, 2022, shortly surpassing a 300% worth return in simply 5 days. Particularly, on January 2, 2023 he achieved a worth return of 305.8%. The favored Memecoin Shiba Inu (SHIB) has taken him 141 days to cross the identical threshold since its launch in August 2020. Bonk’s staggering progress contrasts together with his 1,253 days for Dogecoin (DOGE), the first-ever memecoin that launched in 2013. Expired earlier than DOGE exceeded his 300% worth return threshold.
Inside 8 days of its launch, Bonk’s worth peaked, hitting an all-time excessive of $0.00000487 on January 5, 2023, a rise of three,649% and a 3.6x improve in worth. On the identical day, BONK’s market cap surpassed his $200 million market cap, which he peaked at $24,964,399 earlier than slumping to about $82 million on January 7, earlier than dropping to $62 million. backside.
Bonk’s launch technique of airdropping 50% of its complete provide to a variety of Solana customers induced the worth to skyrocket.
Bonk’s launch concerned airdropping in a number of phases.first printed in Tweet On web page 10 December 2022, 20% of BONK’s provide was to be airdropped to homeowners of 40 Solana NFT collections. Notable ones embrace y00ts, DeGods, Solana Monkey Enterprise, and Degen Ape Academy.
After that, 15% of the whole provide was airdropped to early open e-book merchants, 10% to Solana artists and collectors, and at last 5% to Solana blockchain builders. Collectively, the airdrop accounted for 50% of his complete provide of 100 trillion cash, leading to the next market cap after launch and additional elevated demand because it grew to become a scorching matter on cryptocurrency Twitter.
Bonk’s airdrop tactic is in stark distinction to Shiba Inu’s notorious SHIB token airdrop in August 2020. Ryoshi, an nameless creator of SHIB, mentioned that first he locked his 50% of the whole token provide on Uniswap to make sure liquidity, after which the remaining 50% of the whole tokens he co-founded Ethereum. despatched to particular person. His ERC-20 pockets from Vitalik Buterin. Unexpectedly, Vitalik burned his 90% of the obtained tokens and donated his remaining 10% to charity.
Bonk’s unimaginable progress drives Solana’s worth up 63%
The monetary impression of the FTX chapter prolonged to Solana, given its massive possession of Solana’s native token, SOL. SOL has been on a downward pattern since then as a number of tasks deserted the Solana ecosystem.
Nonetheless, SOL has just lately undergone a resurgence attributed to BONK’s phenomenal progress, as Bonk’s creators try to show the narrative of the poisonous “Alameda” tokennomics the wrong way up by Solana-based memecoins. Its worth jumped 63.5% from $9.97 on January 2, 2023 to $16.30 on January 10, 2023.
methodology
This research examines the worth/earnings ratio of BONK (BONK), Dogecoin (DOGE) and Shiba Inu (SHIB) in US {dollars} from January 1, 2021 to January 10, 2023.
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What’s Bonk?
Bonk (BONK) is the primary dog-themed meme coin on the Solana blockchain, described as “by folks, for folks”. Created purely for enjoyable, Bonk has little to no real-world utility. Since launch, the Bonk staff has allotted 5 trillion of his BONK tokens, representing 5% of the whole provide, to staff improvement, and on Tuesday, January 10, 2023 at Magic Eden, he’ll distribute 15,000 non-fungible tokens (NFTs). ) was launched. .
Excited about studying extra about earlier analysis research? See Reddit NFT progress in comparison with Ethereum Identify Service, Unstoppable Domains and POAP right here.
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Julia Ng
Julia leads Development at CoinGecko and is captivated with getting extra girls on Web3. That mentioned, she’s usually unhealthy at timing markets, so to be secure she’s doing DCA. Observe the writer on Twitter @ngxinyajulia
