Altcoin Spotlight: Bonk Crypto (BONK)

Here at MintDice.com we are committed to your education when it comes to everything Bitcoin, Altcoin, and crypto. Recently, a new altcoin has entered the scene and as it draws close to the top 50 on CoinMarketCap.com, we figured it was time to discuss it in our weekly altcoin spotlight.

So, if you are curious to learn more about the altcoin, Bonk (BONK) then keep reading as we dive into the details of this cryptocurrency.

What is Bonk?

In simple terms, Bonk is a meme coin, meaning it is a coin which was born out of a meme mostly made for the purposes of humor. Bonk, specifically, was designed after a meme that features the image of a Shiba Inu dog hitting another Shiba Inu with a baseball bat. The creators of Bonk mention that they made the memecoin so that “everyone would get a chance to hold a memecoin.”

Bonk is native to the Solana platform and is the first memecoin designed specifically for the platform.

Related: Solana Overtakes Binance Coin in Popularity

How Does Bonk Work?

Bonk is a store of value coin only. This means it is not its own platform, nor is there a technological benefit to using it. It is a store of value and nothing more, similar to the famous dogecoin(DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE). This store of value, though, can be used as a utility token on some apps on the Solana blockchain.

Because it is a store of value only, many people are curious about where it can be traded. Currently, BONK is available for purchase and sale on the following marketplaces:

·      OrangeX

·      Gate.io

·      Binance

Who Invented Bonk?

Bonk was founded in December 2022 by a group of developers working on the Solana blockchain. Reportedly, it was a joint project created by 20 developers after the fall of FTX, looking to fill a hole in the altcoin space left when the exchange giant collapsed.

The creators report that the token was never created to be a serious investment vehicle but rather a utility token from the Solana platform and a way to reward consistent users. Hoping to gain some popularity and clout among the younger generations is the reason they designed the token after a meme.

Related: What is a Memecoin?

Should You Buy Bonk?

Here at MintDice.com, we never recommend the purchase of memecoins. Because of their nature, these coins are inherently unstable, rising in popularity when a celebrity mentions them, and crashing as soon as people forget about it. Due to the unstable nature of memecoins, Bonk is a very unstable investment and should not be considered a serious investment.

Of course, if you just want to have some fun and say you hold a memecoin, maybe Bonk is the right cryptocurrency for you. But in general, we do not consider it to be a safe investment vehicle, though some individuals do use it on various Dapps on the Solana blockchain.

Not only that but there is little information about the technology behind Bonk. We know little of the security, or technology, it employs. Currently, the method most individuals have gotten their Bonk from was via an airdrop on the Solana platform.

If you do decide to buy Bonk, we recommend having a plan for the tokens to work for you, via DeFi investments or other yield farming platforms. Or only buy if you already have a use for Bonk in mind (such as for use as a Utility Token on the Solana blockchain). On its own, Bonk doesn’t have means to grow and gain value, even with a long term investment plan so there is no reason to HODL it.

Rather than spend your money on Bonk, we highly recommend looking into projects with the technology behind them, such as Ethereum, Solana, or Cardano.

Other Popular Memecoins

As we mentioned, Bonk is a memecoin. Although we don’t recommend the purchase of any memecoins, below are some other tokens in the space you may want to consider if you are specifically looking to purchase a memecoin.

Dogecoin

Dogecoin, often called by its ticker, DOGE, was the first memecoin. It was made after the famous meme of a Shiba Inu dog. It is also extremely famous because of Elon Musk’s role in promoting the coin on his Twitter/X.

Pepecoin

The second most famous memecoin is Pepecoin, which was designed after the meme of the cartoon frog Pepe. While Pepecoin has fallen out of style (mostly due to the fact that Elon Musk isn’t supporting it), it still has some die-hard fans behind it.

Shiba Inu

Shiba Inu coin is Dogecoin’s main competitor, also designed after the meme of a Shiba Inu. Unfortunately, Shiba Inu failed to garner the widespread popularity enjoyed by Dogecoin and is thus frequently forgotten.

Why is Bonk So Popular?

Chances are, you found this article because a friend or family member invested in Bonk or suggested that you do. Currently, Bonk is popular because 50% of its holders received the token for free. As a result, they have a vested interest in boosting the price so they can sell and take home a profit from their gift.

While this might sound appalling, this is exactly how memecoins work. Your friends and family who want you to buy may not be aware of what they are doing, but they are trying to boost the price just so they can sell.

Plus, while researching for this article, we found that Bonk has an excellent publicity team who work around the clock to make this token a success (likely because they are also invested).

Overall, although they have a tall-tale of being the largest dog memecoin on Solana, they are just that, a memecoin, and they should not be considered as a serious investment. However, if you are looking to have fun, or use them for an app that accepts them as a utility token on the Solana platform, the buy away, we won’t tell you what to do.

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