The Rise of Dog-Themed Memecoins: Spotlight on Bonk (BONK)

Those who follow the cryptocurrency market even from a distance may have noticed the increasing interest in dog-themed memecoins. Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have made headlines by turning many people into millionaires overnight. Particularly, Dogecoin, which was supported by famous billionaire Elon Musk, quickly shone its star and triggered the memecoin frenzy. During this period, numerous memecoins were launched, and one of the memecoins that has attracted attention in recent weeks is Bonk (BONK). In this article, you can find answers to questions such as what is Bonk, what is BONK coin, and how to buy BONK, which are listed on major cryptocurrency exchanges like Binance.

What is Bonk?

Bonk operates on the Solana Blockchain and is the largest memecoin on the Blockchain. Bonk’s aim is to bring liquidity back to the Solana ecosystem. Developers describe Bonk as a memecoin “created by the people, for the people.” BONK coin is originally a Solana Program Library (SPL) token and adopts Solana Blockchain’s Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms.

Although Bonk’s developers are anonymous, they have provided some background information about the origin of the memecoin by following the footsteps of the creator of Shiba Inu. Although the individual creator(s) are unknown, the creation of the token is associated with Dexlabs, a decentralized exchange and launchpad.

The Bonk team states that they were tired of the toxic tokenomics created by Alameda on the Solana Blockchain and introduced BONK with the goal of creating a fun memecoin that would give everyone a fair chance. Bonk was developed to recapture the liquidity of the DEXs in the Solana ecosystem, which had collapsed in the weeks prior to its launch.

November and December 2022 were a challenging period for Solana investors, and the Solana ecosystem suffered significant damage from the FTX and Alameda scandal. The collapse of Alameda and the sharp decline of SOL shook the confidence of many investors in the ecosystem and further reduced liquidity. Bonk started working on a dog-themed memecoin before the collapse of Solana and launched the BONK coin on December 25, 2022. As promised, a significant portion of the memecoin’s supply was distributed to Solana artists, collectors, and developers through an AirDrop, contributing to the recovery of liquidity on the Solana Blockchain.

Where to Buy BONK Coin?

BONK coin can be safely purchased and sold from Binance, the world’s largest cryptocurrency exchange by trading volume. BONK coin was listed on Binance on December 15, 2023, and is available for trading in the BONK/USDT, BONK/FDUSD, and BONK/TRY pairs.

To purchase BONK coin, one must first register with the Binance exchange if not already a member. After completing the registration process, cryptocurrency or fiat currency such as Turkish Lira must be transferred to the account wallet on Binance. Once the transfer is complete, BONK coin can be purchased in any of the three trading pairs mentioned above.

To make a purchase in the BONK/USDT trading pair, first, navigate to the interface of this trading pair. In the limit tab on the trading pair interface, enter the desired amount to purchase. Once the amount is entered, the purchase is completed with a BONK Buy order.