The crypto memecoin BONK has been around for a year: this is what you need to know

Exactly a year ago, the now extremely popular memecoin Bonk (BONK) was created. The Solana (SOL)-based cryptocurrency had an unforgettable debut year in which it managed to make a name for itself. On this anniversary day, we take a detailed look at the relatively new crypto project and look back on the impressive year for BONK.

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BONK: new Dogecoin rival

On December 25, 2022, BONK, the first-ever dog-themed memecoin on the Solana network, was launched through a large-scale airdrop. 50 percent of the total supply of 100 trillion tokens was distributed to Solana users who contributed in some way to the development and growth of the network.

Crypto airdrops are very common, but it is rare for a project to distribute half of its total supply in this way. According to the developers, the remarkable airdrop shows the commitment to the Community. It is not for nothing that BONK describes its ambition to become Solana’s “community coin” in its white paper.

Bonk was created as a joke by a group of anonymous developers following the collapse of crypto exchange FTX. However, the coin was welcomed with open arms as it rose an impressive 3,766 percent in the first week.

After a long period of radio silence, the BONK price has exploded since mid-October. In recent months, the token has taken center stage in the crypto landscape, becoming the third-largest memecoin in the industry after Shiba Inu (SHIB) and Dogecoin (DOGE).

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In addition to BONK, the Solana network has three other memecoins that are among the top 1,000 cryptocoins based on market capitalization. However, there is a big gap between BONK and its “competitors”.

BONK price explosion

Since October 21st, BONK has been experiencing an unforgettable rise. Since that day, the stock has risen more than 9,400 percent. This increase can be partly explained by the renewed interest in the Solana network. Solana also shot up like a rocket in the same period: by around 350 percent.

Bonk was also listed on major exchanges such as Binance, Coinbase and KuCoin, making it suddenly available to the general public.

Bonk has been in the spotlight lately, just as Pepe (PEPE) was in the second quarter of this year. What started as a worthless Christmas present has now developed into a real competitor for Shiba Inu and Dogecoin.

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