The crypto market is currently dormant, prices aren’t doing much and it hasn’t been exciting for a while. It waits for a stroke up or down. On that note, Bonk Inu’s timing couldn’t be better. This is a new crypto that wants to compete with Dogecoin and Shiba Inu.
But for any new crypto, seeing is believing.
Bonk Inu is down 50% today
Bonk Inu was launched just before the turn of the year on the Solana blockchain. Finally, Solana’s community has a coin that barks. BONK’s price goes wrong, up and down. Since its launch, the value has increased x50, but it has also fallen sharply again. The stock has today fallen by more than 50%.
As with any meme coin, Bonk Inu was shilled wildly on social media upon launch. Either a group of influencers with a lot of followers were assigned to promote Bonk Inu at the same time, and when the FOMO kicked in, the rate quickly increased.
Difference with Shiba Inu and Dogecoin
So fast that the value went x50, which of course is not sustainable, especially in a bear market and in such a short time. Perhaps today marks the turnaround, given the 50% drop.
On the other hand… and this is not a guarantee or investment advice, many thought so even after Dogecoin and Shiba Inu touched the sky in 2021. They both wanted to land on both feet again, but they kept getting up, to places beyond the sky.
There is an important difference, in 2021 the whole world suddenly had crypto and the bull run seemed far from over. In 2023, there is not such a large group willing to invest in risky assets. Bonk Inu’s growth doesn’t mean it’s memecoin season again. Shiba is down 1.5% and Doge is just over 2.5% today.
Designed for small investors
Bonk Inu describes itself as ‘the first Solana dog coin for the people, by the people’ and with a market capitalization of just over $100 million, it is officially Solana’s largest meme coin.
Bonk Inu also boasts that they have processed more transactions than Ethereum in the last three days.
For the people, by the people. With this slogan, Bonk Inu opposes the major powers of the crypto world.
Their website literally says they are getting tired of Alameda Research’s tokenomics. This actually refers to the business model where Alameda secretly received coins from sister company FTX. Both are now bankrupt.
These coins from FTX were largely distributed to foundations, large investors and developers, while the common man saw little of this.
Free Bonk Inu
Bonk Inu wants to do it differently. Last week, Bonk’s team distributed 50% of all tokens via airdrop on Solana. Anyone who owned an NFT at the time, or ever made an NFT, was eligible. Almost 300,000 Solana wallets had something to do with NFTs and received the free coins.
Solana could use some good news anyway. Solana’s share price fell sharply after FTX went down, as former director Sam Bankman-Fried was one of the biggest investors in Solana. However, since Bonk Inu entered the scene on Solana’s blockchain, SOL’s price has also increased. From 7.78 euros to 13.27 euros, or an increase of 70% in one week.
The dangers of a new crypto
Investing in new coins, especially when they move up and down so quickly, is extremely risky. Often it is primarily the creators and influencers who reap the benefits of this. You can always try to get in halfway to take advantage of the hype, but there is a high risk that the hype will have reached you too late.
Therefore, always read carefully and invest only what you are willing to lose.