Final week, we witnessed a fervent frenzy surrounding the brand new Solana-based meme token, Bonk (BONK). Though we harbored hope that it will maintain its momentum, we couldn’t assist however suspect that it will finally fizzle out, as is commonly the case with new meme tokens. Certainly, this phenomenon has occurred a number of instances throughout the business.

As reported by CoinPedia, BONK’s worth skyrocketed by roughly 3,000% inside a matter of days final week. Nonetheless, as of this writing, it has skilled a dramatic 10% drop inside a 24-hour interval. It seems that Solana and BONK at the moment are striving to salvage the meme token from oblivion.

BONK’s Non-Fungible Tokens

On January tenth, BONK deliberate to launch greater than 15,000 NFT collectibles on the Solana-based market, Magic Eden. These NFTs, meant to be used as profile photographs on platforms corresponding to Instagram and Twitter, had been developed at the side of established Solana-based NFT initiatives and have art work created by members of the Solana group. 

Holders of the “Gods” NFT assortment on Solana will probably be granted precedence in minting the Bonk collectibles, and can obtain a share of the gathering as a reward for his or her contributions to the mission. Moreover, a portion of 8,000 from the overall provide will probably be solely mined for BONK wallets.

It was reported that these profile photographs serve no sensible goal and had been meant to exist solely as artistic endeavors. Minimal buy for the mint will probably be set at $25 in BONK and all secondary transactions will probably be made utilizing SOL.

Moreover, any BONK that’s collected will probably be destroyed and erased from existence, and a portion of the royalties earned from gross sales following the launch will probably be used to buy and burn BONK without end. This can be a potential issue that led to the lower in BONK’s market worth. 

Furthermore, a number of SOL whales cashed out their shares at a time when rumors had been circulating on Twitter suggesting that BONK could be dumping.