Last week, we witnessed a fervent frenzy surrounding the new Solana-based meme token, Bonk (BONK). While we hoped it would maintain its momentum, we couldn’t help but suspect that it would eventually die out, as is often the case with new meme tokens. Indeed, this phenomenon has occurred several times within the industry.
As reported by CoinPedia, the value of BONK skyrocketed around 3000% in a few days last week. However, at the time of this writing, it has seen a dramatic drop of 10% in 24 hours. It looks like Solana and BONK are now working to save the meme token from oblivion.
BONK’s non-fungible tokens
On January 10, BONK planned to release over 15,000 NFT collectibles on the Solana-based marketplace, Magic Eden. These NFTs, intended for use as profile pictures on platforms such as Instagram and Twitter, were developed in conjunction with established Solana-based NFT initiatives and feature artwork created by members of the Solana community.
Holders of the “Gods” NFT collection on Solana will be given priority to mint Bonk collectibles and will receive a share of the collection as a reward for their contributions to the project. Additionally, 8,000 part of the total supply will be mined exclusively for BONK wallets.
It has been reported that these profile pictures had no practical purpose and were only meant to exist as works of art. The minimum purchase for mint will be set at $25 in BONK and all secondary transactions will be conducted using SOL.
Additionally, any BONK collected will be destroyed and erased from existence, and a portion of royalties collected from post-launch sales will be used to purchase and burn BONK forever. This is a possible factor that led to the drop in the market value of BONK.
Additionally, several SOL whales cashed in their shares at a time when rumors were circulating on Twitter suggesting that BONK was dumping.
