The BONK meme currency has impressive price fluctuations and a massive concentration of holders

After hitting all-time highs in 2021, suffering the Luna implosion in 2022, and seeing countless crypto-currency companies go bankrupt, we have a newcomer to the meme currency scene, launched on the Solana network. The crypto-asset bonk inu (BONK) has an outstanding token pool of about 41.5 trillion and has managed to gather a market capitalization of about $63 million.

BONK sees its market capitalization climb to $204 million before dropping to $63 million within 24 hours.

The crypto-currency community has discussed a new meme token called bonk inu (BONK) a competitor to dogecoin (DOGE) and shiba inu (SHIB). According to the BONK development team and its “one pager Bonk” is “Solana’s first dog coin, for the people, by the people, with 50% of the total supply flown to the Solana community“.

Airdrop has been driving up Solana’s (SOL) price lately, after the project faced negativity stemming from its former relationships with Sam Bankman-Fried, Alameda Research and FTX. “Bonk contributors were fed up with Alameda’s toxic tokenomics and wanted to create a fun memecoin where everyone had a chance“, explains Bonk’s one pager.

The 50% of BONK distributed was split into fractions and 20% went to Solana-based non-fungible token (NFT) collectors, 15% was distributed to early openbook traders, 10% to Solana artists and collectors, and 5% to Solana developers. BONK began gaining real-world value on December 29, 2022, when it traded at $0.000000086142 per token. On January 5, 2023, it reached an all-time high (ATH) of $0.00000487 per BONK. But 24 hours later, on January 6, BONK was down 67.9% from its all-time high.

The market capitalization of the crypto asset reached more than $204 million, up from about $63 million on January 6. While BONK’s stock today is about 41.5 trillion, it was once about 56.02 trillion. According to the BONK team, just like shiba inu (SHIB), BONK chips are burned to create scarcity.

On January 5, the BONK team stated that 5 trillion meme tokens have been destroyed. In addition, there are 110,017 BONK and coincarp.com holders and the data indicates that the top ten holders control 36.81% of the supply. 20 BONK holders control 46.31% of the supply and 58.32% of BONKs are held by 100 of the richest bonk inu addresses.

$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.

The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb

– Bonk! (@bonk_inu) January 5, 2023