Bonk, a Solana-based dog coin has pumped 89% in the last 24 hours.
The Bonk token was launched on December 29 as the “first” Solana dog coin.
The token aims to rebuild trust in the Solana ecosystem, which has been wrecked by FTX-Alameda.
Solana meme coin to help community after FTX-Alameda collapse pumps 89%
Bonk touts itself as "the people's dog coin," with 50% of its total supply being airdropped to active Solana wallet addresses.
From Bonk's website:
The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.
Bonk seeks to bring Solana back to its early glory days by overshadowing Solana tokens with bad tokenomics and building a new, engaged community from the ground up.
- Read more: Insolvent Alameda wallets move after Sam Bankman-Fried bailout
To achieve this, Bonk will work with various leading Solana DEXs and decentralised applications to “bring liquidity to solana dexes” along with OPENBONK, Bonk coin’s openbook trading platform.
50% of Bonk’s 5 trillion supply will be airdropped to Solana blockchain users. 20% of the Bonk airdrop will be sent to Solana NFT collections, 15% for early openbook traders, 10% to Solana artists and collectors and the final 5% to Solana developers.
A BonkDAO is also in the works to help steer the Bonk ecosystem in the right direction in terms of the Bonk community.
There is also a potential .bonk domain for decentralised wallets. According to Bonk’s Twitter, traders can reserve a .bonk domain by burning no fewer than 69 million Bonk.
- Read more: Coinbase CEO presents a regulatory roadmap for the crypto industry after the FTX collapse
Following the FTX-Alameda collapse which rocked the Solana community and set the SOL token on a downward spiral, the Bonk ecosystem provides a beacon of hope for the Solana community to rebuild trust in an ecosystem that was closely associated with Alameda and FTX.