Last week, we witnessed the frenzy surrounding a new Solana-based meme token, Bonk (BONK). We expected that momentum to continue, but as is often the case with new meme tokens, we couldn’t help but suspect that it would eventually die. has happened many times in the industry.
As reported by CoinPedia, BONK’s value surged by about 3,000% in the last few days. However, as of this writing, it has experienced a dramatic 10% drop in less than 24 hours. Solana and her BONK now appear to be trying to retrieve the meme token from oblivion.
BONK non-fungible token
On January 10th, BONK was set to release a collection of over 15,000 NFTs on its Solana-based marketplace Magic Eden. These NFTs are intended to be used as profile pictures on platforms such as Instagram and Twitter, and were developed in conjunction with his established Solana-based NFT initiative, artwork created by members of the Solana community. is characterized by
Owners of Solana’s “Gods” NFT collection will be given priority when minting the Bonk collection and will receive a share of the collection as a reward for their contributions to the project. Additionally, a portion of her 8,000 of the total supply will be mined exclusively for the BONK wallet.
It was reported that these profile pictures had no practical purpose and were intended to exist only as works of art.Mint’s minimum purchase was set at $25 in BONK, and all secondary transactions were Done using SOL.
In addition, the collected BONK will be destroyed and destroyed, and a part of the royalties obtained from the sale after the release will be used to purchase the BONK and burn it forever. This is thought to be the factor that led to the decline in the market price of BONK.
Additionally, several SOL whales cashed in their shares when rumors circulated on Twitter suggesting BONK was dumping.