New memecoin Bonk saw a 300% price return in the first 8 days, compared to 141 days for Shiba Inu and 1,253 days for Dogecoin

New Solana-based memecoin Bonk (BONK) has seen exponential growth since its launch on December 25, 2022, quickly surpassing 300% price return in the first 8 days – more specifically, achieving a 305.8% price return on January 2, 2023. Compared to popular memecoin Shiba Inu (SHIB), 141 days were taken to exceed the same threshold, since its launch in August 2020. Bonk’s phenomenal growth is further contrasted with that of the first-ever memecoin Dogecoin (DOGE) launched in 2013, where 1,253 days lapsed before DOGE went beyond the 300% price return threshold.

Within 11 days from its launch, Bonk’s price peaked and hit an all-time high of $0.00000487 on January 5, 2023, and saw a gain of 3,649%, a 36X increase in value. BONK crossed $200 million in market capitalization that same day, peaking at a market cap of $204,964,399 before dropping to around $82 million on January 7, and subsequently sliding to $62 million.

Bonk’s launch strategy, which involved airdropping 50% of its total supply to a wide base of Solana users, drove its price spike

Bonk’s launch involved airdrops in multiple stages. First announced in a tweet on December 10, 2022 and in their one-pager, 20% of BONK’s supply was to be airdropped to holders of 40 Solana NFT collections – some notable ones include y00ts, Solana Monkey Business, and Degen Ape Academy.

Subsequently, 15% of its total supply were airdropped to early openbook traders, 10% to Solana artists and collectors and finally 5% to developers of the Solana blockchain. To sum, the airdrop made up 50% of its total supply of 100 trillion coins, resulting in a high market capitalization days upon launch and generated buzz on crypto Twitter, which further hyped up demand.

Bonk’s airdrop tactic greatly contrasts Shiba Inu’s infamous SHIB token airdrop in August 2020. SHIB’s anonymous creator, Ryoshi first locked 50% of total token supply in Uniswap to ensure liquidity, and then sent the remaining 50% of all tokens to Ethereum co-founder, Vitalik Buterin’s ERC-20 wallet. Unexpectedly, Vitalik burned 90% of the tokens received, and donated the remaining 10% to charity.

Bonk’s phenomenal growth contributed to Solana’s 63% price pump

The financial impact of FTX’s collapse extended to Solana, given that the now-defunct cryptocurrency exchange owned large sums of Solana’s native token, SOL. With multiple projects abandoning the Solana ecosystem, SOL has been on a downward trend since.

Yet, with Bonk creators setting out to flip the toxic ‘Alameda’ tokenomics narrative through the Solana-based memecoin, SOL has seen a resurgence in recent days, attributed to BONK’s phenomenal growth that coincided with a short squeeze happening in the same period. Its price has jumped 63.5%, from $9.97 on January 2 to $16.30 on January 10, 2023.

Methdology

This study examines the percentage price returns of Bonk (BONK), Dogecoin (DOGE) and Shiba Inu (SHIB) in USD, from January 1, 2021 to January 10, 2023.

If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

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What is Bonk?

Bonk (BONK) is the first dog-themed memecoin of the Solana blockchain and described as ‘for the people, by the people.’ Created entirely for fun, Bonk has little or no real-world utility. Since its launch, the Bonk team has burned 5 trillion BONK tokens, equivalent to 5% of its total supply, allocated for team development, and has just launched 15,000 non-fungible tokens (NFTs) on Magic Eden, on Tuesday January 10, 2023.

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Curious to find out more about our previous research studies? Check out this one we did comparing Reddit NFTs‘ growth with Ethereum Name Service, Unstoppable Domains and POAP.

Crypto experts have never refrained from investing in cryptocurrency due to negative market patterns. Whenever the market experiences a drop, seasoned traders begin looking for new, promising businesses. Degrain (DGRN) has emerged as one of the most incredible projects, and experts predict that it will be the best investment in 2022 and surpass well-known NFT marketplaces like OpenSea.

OpenSea will face tough competition from presale giant Degrain

OpenSea, founded in 2017, has established itself as the largest NFT market with over $6.5 billion in trade volume. The ability to mint NFTs for free utilizing OpenSea’s Polygon-based gas-free marketplace, where creators won’t have to pay the trading fees on the Ethereum network, is one of the critical benefits of the OpenSea platform for creators.

Another benefit of using OpenSea is that the founding creator of an NFT can make arrangements to be paid a royalty for all future secondary-market sales of the token. On OpenSea, buyers may browse through NFT collections with ease. They can filter the results by price, status, native blockchain, and token rarity. Buyers can choose to buy instantly and pay the NFTs’ asking price over OpenSea, bid, or make an offer based on the kind of auction.

Cardano (ADA) could see Degrain overtake them in 2024

A network centered on blockchain technology that can operate its mainnet is called Cardano (ADA). Cardano (ADA) is one of the ten biggest cryptos by market cap. Cardano (ADA) in addition to being well-known crypto, Cardano (ADA) is frequently cited as one of the cryptocurrency assets with the quickest growth rate.

According to AnalyticsInsight, the price of Cardano (ADA) will rise to USD3.81 in 2025, with a range of USD3.68 to USD4.38. The coin will also reach its All-Time High at USD2, according to DigitalCoinPrice. Similar predictions from TradingBeasts include the Cardano (ADA) price valued at an average of USD2.399. Additionally, WalletInvestor has more faith in Cardano (ADA), predicting that the coin would trade between USD6.062 and USD8.96 at its highest and lowest points.

Degrain (DGRN) gained over 6,000 presale investors, launch to be huge

Degrain (DGRN), which is currently dominating the crypto marketplace and is anticipated to overtake Cardano (ADA) and OpenSea. Degrain (DGRN) is now in the second round of the presale. For $0.19, you can purchase a Degrain (DGRN) token. 

On the contrary, some experts in cryptocurrencies predict that the Degrain (DGRN) token price will shortly rise to $4.8 by the end of 2023.

Degrain (DGRN) presale has sold over 98.5% of the total presale supply and there are only a few tokens left to get your hands on. Liquidity will be locked and the team won’t be selling any tokens for the first year making it a reliable alternative investment. Without a doubt, a Degrain (DGRN) trade has the opportunity to provide significant gains for presale investors.

Website: https://degrain.io       

Presale: https://presale.degrain.io 

Telegram: https://t.me/degrain.io 

Twitter: https://twitter.com/degrain.io 

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Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff. 

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