Airdrops are a way for projects to give back to a community with free crypto coins or tokens. It’s also often a tactic used by blockchain-based startups to help bootstrap a project and create hype and awareness. With meme coin season in full swing in 2024, this guide covers everything you need to know about the Bonk airdrop.
Methodology
To select the top exchanges to buy BONK, BeInCrypto’s dedicated product team conducted testing over a period of six months. The criteria for the top exchanges covered areas including fees, availability, reputation, and safety. Here’s a small insight into why each platform was chosen.
Coinbase
As the most prominent U.S. based exchange, Coinbase is a top option for buying Bonk. The platform operates both a brokerage and an exchange. On Coinbase you can learn-to-earn, trade crypto and NFTs, and benefit from good customer service and a user-friendly interface.
Gate.io
One of the leading exchanges by trading volume, Gate.io gives users access to a huge selection of altcoins and advanced trading features. BeInCrypto found it easy to purchase BONK on Gate.io safely and securely.
OKX
OKX is another exchange that hosts a multitude of services. The exchange has a non-custodial wallet, a platform token for lower fees, and a blockchain. You can also earn crypto, trade derivatives, and use trading bots.
To learn more about BeInCrypto’s verification methodology, visit the link.
Where to buy Bonk (BONK)
What is the Bonk airdrop?
Bonk (BONK) is a Solana meme coin inspired by the Shiba Inu dog meme. It presents itself as the Solana-based version of the well-known Dogecoin. As is common with meme coins, Bonk promotes a lighthearted and welcoming community around crypto.
In December 2022, a Bonk airdrop was announced for the Solana community, with the token distribution completed by January 2023. In all, 50% of the currency’s entire supply was donated to Solana users. This strategy encouraged widespread ownership and activity in the Solana ecosystem. In 2024, meme coins have increasingly dominated both the Solana network and the wider crypto market.
(Meme coins have) been the strongest performing sector in the crypto market so far in 2024, with many (…) pumping 10, 50, 100x. We had the rise of the Solana meme coins, with coins like BONK and WIF.
Miles Deutscher, crypto analyst and investor: YouTube
Eligibility for Bonk airdrop
The eligibility requirements for the Bonk airdrop were as follows:
- Solana NFT holders (21%): A portion of the Bonk tokens was allocated to holders of various Solana NFT collections. This was intended to support and reward the existing Solana NFT community.
- Solana DeFi users: Users active in the Solana decentralized finance (DeFi) ecosystem also received an allocation. This group included liquidity providers and users of specific Solana-based DeFi platforms.
- OpenBook traders (15%): Anyone who traded on OpenBook, a decentralized social trading platform on Solana, was also eligible for the airdrop.
- Solana validators and developers (5.3%): A separate portion was set aside for Solana validators and developers as a gesture of goodwill for those who maintain and build on the Solana infrastructure.
The airdrop was intended to increase participation in the Solana ecosystem by distributing tokens broadly across its various user bases.
How to determine if you’re eligible
The deadline for the snapshot has already passed, meaning users are no longer able to claim BONK airdrops. Links suggesting the airdrop is still open are likely to be scams.
Impact of the Bonk airdrop on the Solana ecosystem
The popularity of BONK boosted transaction activity on the Solana blockchain. There was a discernible increase in trading activity following BONK’s listing on significant centralized exchanges such as Coinbase in December 2023 and again on Robinhood in March 2024.
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BONK’s price surged by 50% just by virtue of its placement on Coinbase, resulting in a rise in transaction activity on the Solana network. Notably, BONK’s trading volumes on Solana significantly exceeded those of other meme coins, demonstrating its supremacy in this area and boosting network activity overall.
The charts above show a notable spike in the number of active addresses and transaction activity on the Solana blockchain between December and March. Peaks in active addresses and transactions line up with the aforementioned rises in BONK trading volume during those periods. Although a trend points to a possible connection between these occurrences, it’s important to remember that correlation is not causation.
Long-term prospects for Bonk and Solana
In the case of the Bonk token, while its activity has stunted as of late April 2024, Bonk remains one of the top ten meme coins by market cap. As of April 26, 2024, BONK is the sixth most popular meme coin in CoinMarketCap’s rankings.
As for Solana, thanks to tokens like BONK, the network has become one of the most popular blockchains for meme coin trading, alongside Coinbase’s base chain. Whether or not interest in Bonk fades, Solana will likely remain a top platform for meme coin launches, thanks to its low fees and high throughput.
BONK tokenomics
In alignment with classic meme coin tokenomics, BONK has a max supply of 10 trillion. As stated previously, 50% went to community holders who interacted with NFT projects, early contributors, developers, and DeFi traders via a Bonk airdrop. The exact distribution was as follows:
- NFT projects on Solana (21%)
- Market participants and DeFi users (15.8%)
- Artists and collections (10.5%)
- Solana developers (5.3%)
- Early contributors (21%)
- BONK DAO (15.8%)
- Initial liquidity (5.3%)
- Marketing (5.3%)
Use cases and utility
Bonk is one of the few meme coins that surpassed mere speculative value. The token has been integrated into a variety of DeFi and gaming applications. Here are a few of the key services that have integrated BONK:
- BonkSwap: A decentralized exchange (DEX) within the Solana network, BonkSwap allows users to swap and provide liquidity and stake. It’s one of the major releases for BONK, marking its expansion and utility within the ecosystem.
- Bonk Rewards: This system allows users to lock their BONK tokens to receive rewards from the BONK Ecosystem’s collected fees.
- Moonwalk: Allows you to gamify your walking experience. Users can lock up crypto as an accountability mechanism. When you complete your goals, you receive your crypto.
- BONK Bot: This telegram bot allows you to manage your trading positions. It has an automatic buying service, and fees paid to the bot go to a BONK buyback and burn program.
Is BONK the next big meme coin?
BONK’s rapid growth has been buoyed by 2024’s meme coin-friendly market. It’s particularly difficult to predict the future of meme coins due to their inherent volatility and speculative nature. Yet, BONK’s status as a humorous token with integrated utility and an expanding ecosystem parallels Shiba Inu’s ascension. While this comparison is bullish — considering SHIB’s growth and position as an established crypto in 2024 — there are no guarantees of gains when investing in BONK or any other meme coin.
Remember that this particular sector is well known for its proliferation of scams and rug pulls. Only ever click official links, and remember to prioritize crypto wallet security at all times.
Frequently asked questions
The Bonk airdrop distributed crypto to Solana community members. Some of the users that received BONK were NFT projects and holders, DeFi traders, Solana developers, and early contributors. The airdrop was completed by January 2023.
To have qualified for the Bonk airdrop, you must have interacted with the Solana ecosystem. This included select DeFi projects and NFT holders. The snapshot for the airdrop was completed in November 2023.
Unlike most meme coins, Bonk has many uses. Users can use Bonk in many DeFi apps on Solana. Traders can also use it on Bonk specific apps like Bonk Rewards, Bonk Swap, Bonk Bot, and more.
Some apps like Bonk Bot burns tokens. The Bonk DAO has proposed to burn a significant portion of Bonk tokens. However, the proposal has yet to finalize.
Due to the exorbitant circulating supply of BONK, it is highly unlikely that BONK will reach $1 without intervention. BONK has a total supply of about 10 trillion. Burning BONK tokens can possibly cause the price to increase.
While Bonk is one of the top meme coins, this asset class is a risky investment. Meme coins are extremely volatile and can lead to both losses and gains. However, Bonk is notably one of few meme coin projects that has uses outside of speculation.
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