Did Solana Use Meme Token BONK To Escape From FTX Debacle?

When allegations of possible fraud at Sam Bankman Fried’s FTX cryptocurrency exchange, which was the world’s second-largest at the time, came to light, Solana’s popularity took a nosedive. However, Solana discovered a technique to quickly change the PR of the ecosystem. And that technique is the Bonk (BONK) child meme token.

On the heels of FTX’s fall from grace, the Solana community created BONK to put the focus back on their decentralized network.

The launch of BONK

BONK is a meme token that runs on the Solana blockchain. It was launched in December 2022 under the slogan “by the people and by the people”, and was created by a community of users. Since its inception, the value of a single Bonk has increased by 3200%, though as of press time, BONK has decreased by a fairly significant amount.

There are countless tweets from different projects and influencers announcing Bonk giveaways in exchange for retweets and likes. NFT projects are integrating Bonk into their systems.

It is possible that the Bonk airdrop, which consisted of fifty percent of the total supply of their tokens, caused a lot of interest from the community and a quick buzz. Twenty percent of the total airdrop supply is distributed to Solana’s NFT collections, which total 297,000 unique NFTs; the remaining ten percent is distributed to Solana-focused artists and collectors.

As for the developers of the token, no one knows who they are as they chose to remain anonymous. We know there are twenty-two people and they don’t have a core team.

Furthermore, it is said that they have all been a part of the Solana ecosystem for a considerable time and have developed relationships over the course of the last two years.

However, the Bonk Inu developers have stated that they currently have no intentions of building a dedicated blockchain network around Bonk. His focus is entirely on driving Solana’s transaction volume and proving the value of the low-cost network.

Bonk’s creators have stated unequivocally that neither Solana Labs nor the Solana Foundation played any role in its development.

Is the technique working?

Clearly. According to research As published on Jan. 11 by crypto in-depth research platform Delphi Digital, the total number of active wallets communicating with Solana-based exchanges increased by 83%, from around 45,000 daily. to more than 83,000 daily.

Delphi analysts said in the report that the increase in activity came despite the fact that there was no structural change or catalyst for the network. They pointed to the release of BONK at the end of December as the cause of the change.

As of this writing, the value of BONK has fallen 12% over the past twenty-four hours and 67% over the past week.

Leave a Comment