Do You Know BONK? New Solana Dog Memecoin Posts 10X in 1 Week

BONK Airdropped to Solana Community

Have you heard about Bonk? The new dog memecoin is spreading New Year’s cheer throughout the Solana community, posting a 983% gain since Dec. 29 and breaking a $50 million market capitalization (market cap), according to CoinGecko.

The token, billed as “The first Solana Dog Coin for the people, by the people” has taken Solana Twitter by storm in the past week. Upon launch, 50% of the initial token supply was airdropped to Solana Non-Fungible Token (NFT) collectors, traders, artists, and developers, according to Bonk’s one-pager.

“The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot,” according to the website.

Bonk has a list of partners on its website, including established Solana projects such as Famous Fox Federation, Orca, Raydium, and Solend.

Bonk was launched on Dec. 25 but started dropping hints in its first tweet on Dec. 8.

For context, the market cap of $BONK is already nearly five times greater than that of OG Solana dog memecoin Samoyedcoin ($SAMO), which currently stands at about $11 million after posting a 15% jump in the past 24 hours. The all-time high market cap of $SAMO was more than $700 million in October 2021.

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Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.

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