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What Is Bonk?

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Jan 30, 2023
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5 min read
what-is-bonk

This blog post will cover:

  • About Bonk (BONK)
  • Where did Bonk (BONK) come from?
  • What are the advantages of Bonk (BONK)?
  • What are the disadvantages of Bonk (BONK)?
  • How to buy Bonk (BONK) on SimpleSwap?

About Bonk (BONK)

BONK also called Bonk Inu is a meme token on the Solana blockchain. Similar to SHIB and DOGE, it is a dog-themed token

It claims to be the token "for the people, by the people" and strives to be a truly community-driven project for Solana, which suffered greatly from the events of 2022. That is why the team started off with an airdrop of 50% of the overall token supply (50 trillion coins) for free to those connected to the network, including NFT holders, artists, collectors, developers, etc. By the way, those users loyal to Solana recently got other good news – the pre-ordered crypto smartphones Saga Solana Mobile started to arrive; we covered it here.

Shortly after the airdrop, BONK skyrocketed in price by 2000%. It helped out the SOL prices, too: thanks to the newly found liquidity and viral news, the network started to recover after the fall in November 2022 when the FTX demise began.


However, equally a dramatic fall of BONK's price ensued: the coin lost half of its value in a few days. The team then made the decision to burn 5% of the token supply which had been allocated for future development. The burnt amount was equal to approximately $1 million then. This did not change the situation drastically though: the price has stayed at pretty much the same level since the sharp decrease($0.000001).

Right now, there is not much when it comes to the functionality of the token itself. The developers describe it as “fun” and want to build a strong Solana community. The team plans to make the BonkDAO and let users participate.

Where did Bonk (BONK) come from?

BONK was launched in December 2022. A lot of aspects are still unclear, e.g., who the founders are because they have stayed anonymous. The project’s mission is to give everyone a fair shot and bring crypto back to the people.

What are the advantages of Bonk (BONK)?

  1. Active community
    
    Despite a fairly recent start, the strong and loyal user group seems to have been already established. In January 2022,
    BONK had over 112,000 followers on Twitter.
  2. An honorable goal
    
    So far the token has succeeded in attracting more liquidity to Solana. 

What are the disadvantages of Bonk (BONK)?

  1. Lack of utility
    
    Similar to other meme coins, BONK does not have much practical value at this point outside the ability to use the coins for online betting on a few platforms. 
  2. Lack of transparency
    
    This has caused a lot of skepticism from some Internet users who suspect a “pump and dump” scheme.

How to buy Bonk (BONK) on SimpleSwap?

For those readers who would like to purchase BONK, we offer to use SimpleSwap to do so easily. Here is a short guide on how to do it:

  1. Say, you would like to swap Bitcoin for BONK. First of all, choose BTC in the You send” list. Then enter the amount you want to exchange.
  2. Choose BONK in the “You get” field. You will see the estimated amount of BONK tokens that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Fill in the Recipient's Address field. BONK will be sent there. Please, double-check to see if you entered it correctly.
  5. Create the exchange.
  6. The Bitcoin deposit address will appear. You ought to send the specified amount of BTC to this address to start the BTC to BONK exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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