Bonk Memecoin Airdrops 50% of Total Supply to Solana Users – SOL Price Recovers Strongly

The Bonk memecoin project has made waves in the Solana ecosystem by airdropping 50% of its total supply to Solana developers, creators, and NFT holders. This airdrop has caused the token to skyrocket in value over the past 24 hours.

Bonk Memecoin Airdrops 50% of Total Supply to Solana Users – SOL Price Recovers Strongly

The Solana network is buzzing with activity due to the massive airdrop from Bonk, a memecoin project akin to Dogecoin (DOGE) and Shiba Inu (SHIB). The excitement is heightened by the fact that Bonk has distributed 50% of its total supply to users in the Solana ecosystem.

Since its launch in late December, 100 trillion BONK tokens have been minted. According to the project, 20% of the total supply is allocated to holders of Solana NFT collections, which include over 297,000 individual NFTs. Another 10% is reserved for contributors to the NFT space, while platform developers receive 5% of the BONK tokens.

This substantial airdrop has attracted significant attention to the Solana ecosystem, which has been struggling since the collapse of FTX.

The price of BONK has surged by 74% over the past 24 hours, reaching $0.000001125, with nearly $13 million in trading volume and a market cap exceeding $58 million, according to CoinMarketCap. BONK is also beginning to list on major exchanges like Huobi and MEXC.

Bonk (BONK) Price Trends Over the Last 7 Days. Source: CoinMarketCap as of 04/01/2023

However, it’s important to note that BONK is just another typical dog-themed memecoin with no clear development direction. The project's website has yet to provide additional information about its future roadmap, stating only:

“Why BONK?

BONK is the first dog-themed coin for the Solana community, with 50% of the total supply airdropped to users. The BONK team is fed up with the ‘toxic’ tokenomics created by Alameda and just wants to create a fun memecoin where everyone has an equal opportunity.”

On the flip side, Solana’s ecosystem has been reeling from the severe impact of the FTX-Alameda liquidity crisis. From a peak of $37 before the crisis, SOL has plummeted and even fallen out of the top 10 by market cap. Since its all-time high of $259.90 in November 2021, SOL’s price has depreciated by approximately 19 times.

See Also: How Has the Solana Ecosystem Fared After FTX’s Collapse?

Nevertheless, the emergence of BONK has temporarily buoyed the ecosystem once hailed as the "ETH Killer." SOL has increased by over 22.9% in the past 24 hours and is trading around $13.65.

1H Chart of SOL/USDT on Binance as of 08:45 AM on 04/01/2023

Ethereum founder Vitalik Buterin recently stated that Solana still has many promising developers and projects. He remains optimistic about Solana’s future following the purge of fraudsters and opportunists.