Solana community rallies behind Bonk meme coin after FTX collapse

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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.

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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.

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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.

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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.

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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.