{"id":514825,"date":"2023-01-04T23:25:02","date_gmt":"2023-01-05T04:25:02","guid":{"rendered":"https:\/\/ktsl888.com\/?p=514825"},"modified":"2023-03-08T07:26:11","modified_gmt":"2023-03-08T07:26:11","slug":"bonk-rises-200-in-last-24-hours","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bonk-rises-200-in-last-24-hours\/","title":{"rendered":"BONK Goes Bonkers With Over 200% Increase In Last 24 Hours – Will This Save Solana?"},"content":{"rendered":"

Solana\u2019s ecosystem found itself in knee-deep trouble caused by fear, uncertainty and doubt over its <\/span>connections<\/span><\/a> with disgraced crypto exchange FTX. <\/span><\/p>\n

Since after the collapse of the exchange, the ecosystem has been trying to distance itself from FTX former CEO Sam Bankman-Fried, with Messari even releasing a <\/span>detailed overview<\/span><\/a> of the ecosystem and how it was impacted by the implosion back in December 15.\u00a0<\/span><\/p>\n

But a new project called <\/span>Bonk<\/span><\/a> has been making headlines these past days, shooting up in price and giving Solana some welcome respite from the troubles it had to endure.<\/span><\/p>\n

Related Reading: Internet Computer (ICP) Sheds 5% In Last 24 Hours As Bulls Lose Aggressiveness<\/a><\/div>\n

 <\/p>\n

\"\"<\/p>\n

What Is BONK And What It Can Bring To The Solana Ecosystem<\/strong><\/h2>\n

According to Bonk\u2019s <\/span>official website<\/span><\/a>, Bonk stands for the Solana community who made the Solana ecosystem great in the first place.\u00a0<\/span>It is the first Solana dog coin “for the people, by the people.”<\/p>\n

“The Bonk contributors are tired of toxic ‘Alameda’ tokenomics and wanted to make a fun memecoin where everyone gets a fair shot,\u201d the official website says.<\/span><\/p>\n

\"\"<\/p>\n

This certainly hit a spot on the Solana community and the crypto world as a whole as the token is now up <\/span>214%<\/span><\/a> in the past 24 hours.<\/span><\/p>\n

\n

Solana ripping at 3.3k TPS despite an absolute tsunami of transactions around $BONK<\/a> and a number of over tokens pic.twitter.com\/BXXUFmKpmz<\/a><\/p>\n

\u2014 Solana Legend \ud83c\udf92 (@SolanaLegend) January 4, 2023<\/a><\/p><\/blockquote>\n

A recent <\/span>tweet<\/span><\/a> made by <\/span>Solana Legend<\/span><\/a>, co-founder of <\/span>Frictionless Capital<\/span><\/a> shows that the memecoin is driving the usage of Solana up with the blockchain registering 3,300 transactions per second. <\/span><\/p>\n

The metric proves that Solana, the \u201cEthereum killer\u201d, is not dead and has a bullish community supporting it.\u00a0<\/span><\/p>\n

With the token having an <\/span>impressive burn rate<\/span><\/a> and <\/span>major exchanges<\/span> listing it for open trading, Bonk is now making a name for itself. The expectations are high for the dog meme coin.\u00a0 For instance, many are asking: Will it save Solana from extinction?<\/span><\/p>\n

\"\"<\/p>\n

Vague Whitepaper & Extreme Yields<\/strong><\/span><\/h2>\n

Although the hot new memecoin is leading the charge for Solana in 2023, it isn\u2019t without confusion. Their whitepaper itself is very vague, only detailing the distribution of the 100 trillion tokens to different parties.\u00a0<\/span><\/p>\n

According to data from <\/span>Orca<\/span><\/a>, a Solana on-chain liquidity automated market maker (AMM), Bonk has a very unsustainable rate of over 1% per hour just for providing liquidity. <\/span><\/p>\n

Although this might only be in the short-term for it to attract additional capital from investors in the community.\u00a0<\/span><\/p>\n

<\/p>\n

Crypto total market cap at $778 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Although 50% of the total BONK token supply has been airdropped, investors might be wary of the remaining half being held by the early contributors. <\/span><\/p>\n
To counter this fear, early contributors to the project have a vesting period of three years, meaning that the tokens allocated to them are locked until the three-year period is done.\u00a0<\/span><\/p>\n
Related Reading: Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue<\/a><\/div>\n
It is important to acknowledge the contributors’ drive to give the power back to the community of Solana. <\/span><\/p>\n
However, how they will do that has not been clearly stated in the whitepaper. Although Bonk certainly has a positive effect on the price of <\/span>SOL<\/span><\/a>, it remains to be seen whether this project would actually live up to the hype surrounding it.\u00a0<\/span><\/p>\n
-Featured image Yahoo Finance<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Solana\u2019s ecosystem found itself in knee-deep trouble caused by fear, uncertainty and doubt over its connections with disgraced crypto exchange FTX. Since after the collapse of the exchange, the ecosystem has been trying to distance itself from FTX former CEO Sam Bankman-Fried, with Messari even releasing a detailed overview of the ecosystem and how it was impacted by the implosion back in December 15.\u00a0 But a new project called Bonk has been making headlines these past days, shooting up in price and giving Solana some welcome respite from the troubles it had to endure. Related Reading: Internet Computer (ICP) Sheds 5% In Last 24 Hours As Bulls Lose Aggressiveness   What Is BONK And What It Can Bring To The Solana Ecosystem According to Bonk\u2019s official website, Bonk stands for the Solana community who made the Solana ecosystem great in the first place.\u00a0It is the first Solana dog coin “for the people, by the people.” “The Bonk contributors are tired of toxic ‘Alameda’ tokenomics and wanted to make a fun memecoin where everyone gets a fair shot,\u201d the official website says. This certainly hit a spot on the Solana community and the crypto world as a whole as the token is now up 214% in the past 24 hours. Solana ripping at 3.3k TPS despite an absolute tsunami of transactions around $BONK and a number of over tokens pic.twitter.com\/BXXUFmKpmz \u2014 Solana Legend \ud83c\udf92 (@SolanaLegend) January 4, 2023 A recent tweet made by Solana Legend, co-founder of Frictionless Capital shows that the memecoin is driving the usage of Solana up with the blockchain registering 3,300 transactions per second. The metric proves that Solana, the \u201cEthereum killer\u201d, is not dead and has a bullish community supporting it.\u00a0 With the token having an impressive burn rate and major exchanges listing it for open trading, Bonk is now making a name for itself. The expectations are high for the dog meme coin.\u00a0 For instance, many are asking: Will it save Solana from extinction? Vague Whitepaper & Extreme Yields Although the hot new memecoin is leading the charge for Solana in 2023, it isn\u2019t without confusion. Their whitepaper itself is very vague, only detailing the distribution of the 100 trillion tokens to different parties.\u00a0 According to data from Orca, a Solana on-chain liquidity automated market maker (AMM), Bonk has a very unsustainable rate of over 1% per hour just for providing liquidity. Although this might only be in the short-term for it to attract additional capital from investors in the community.\u00a0 Crypto total market cap at $778 billion on the daily chart | Chart: TradingView.com Although 50% of the total BONK token supply has been airdropped, investors might be wary of the remaining half being held by the early contributors. To counter this fear, early contributors to the project have a vesting period of three years, meaning that the tokens allocated to them are locked until the three-year period is done.\u00a0 Related Reading: Optimism Edges Other L2s In Gas Efficiency, Despite Loss In TVL, Revenue It is important to acknowledge the contributors’ drive to give the power back to the community of Solana. However, how they will do that has not been clearly stated in the whitepaper. Although Bonk certainly has a positive effect on the price of SOL, it remains to be seen whether this project would actually live up to the hype surrounding it.\u00a0 -Featured image Yahoo Finance<\/p>\n","protected":false},"author":557,"featured_media":514832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,87477,87534,87535,12837,83626,87683],"class_list":["post-514825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bonk","tag-dog-coin","tag-dog-memecoin","tag-sol","tag-solana","tag-solana-ecosystem"],"acf":[],"yoast_head":"\nBONK Goes Bonkers With Over 200% Increase In Last 24 Hours - Will This Save Solana?<\/title>\n<meta name=\"description\" content=\"Solana\u2019s ecosystem found itself in knee-deep trouble caused by fear, uncertainty and doubt over its connections with disgraced crypto exchange FTX. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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