Behind the surge in the price of "Solana's version of Dogecoin" Bonk, a new way to play Meme coins is revealed

Due to the endorsement effect of Musk, Dogecoin has advanced from a niche meme coin to a mainstream coin in the top 10 in terms of total market value. SHIB, which is based on Dogecoin, has also become one of the top assets. But it is worth noting that Dogecoin and SHIB have received attention that completely exceeds their total market value.

Data shows that among the top ten most searched cryptocurrencies on Google in 2022, Bitcoin unsurprisingly topped the list, but Dogecoin and SHIB unexpectedly took the second and third positions, surpassing Ethereum , which ranked fourth.

During the bear market, projects that follow the Dogecoin model are likely to gain more attention and popularity, such as Bonk, a project recently deployed on the Solana public chain.

1. Dogecoin, which is said to be on the Solana chain, has seen an astonishing rise in recent times

Bonk, called Dogecoin on the Solana chain by community users, attracted a wave of attention when it was launched on Christmas, after all, there were few hot spots in the crypto market throughout December. Of course, Bonk is also a hastily launched project, and its official Twitter account said that the preparations will start on December 9, 2022. In other words, it took only half a month from planning to launch, with a proper makeshift team configuration, and its official website is also a bit rough and simple, but this does not affect the irrational sentiment of the market.

According to CoinGecko data, as of 10 p.m. on January 4, Bonk has risen to a new high of $0.00000120, an increase of 112.5% ​​in the past 24 hours and 380% since the beginning of the new year. At 8 p.m. that day, Huobi Exchange launched Bonk assets, which may be one of the important driving forces for the surge. At present, in addition to Huobi, Bonk has only been launched on Matcha Exchange and relatively niche decentralized exchanges such as Raydium. Referring to the first stage of the price surge after SHIB was launched, if other leading centralized exchanges follow up, the price change may be even greater.

The overall market is sluggish, but Bonk exploded shortly after its launch. The reason behind this may be far more than just the concept of meme coins. Bonk is also an emotional product, targeting FTX and Alameda.

2. Bonk uses core values ​​as a selling point: I was born in Solana, but I am ashamed of it because he belongs to the FTX system.

The white paper shows that the total supply of Bonk is 100 trillion, 50% of the airdrop shares will be given to the Solana community, and the remaining 50% will be distributed to early contributors (developers, marketers and community DAOs). This distribution mechanism did not have a brilliant beginning, and it is far from SHIB. It should be noted that the founding team resources of SHIB gave up any token and competed fairly with all ordinary users, which constituted an attraction to players. In addition, Bonk, which was hastily launched, must be unprepared in technology and ecology, so it cannot undertake any application. From any conventional perspective, it is difficult for Bonk to stir up heat. The real reason why it can rise against the trend is that it has opened up an anti-FTX narrative.

Bonk's logic for gaining traffic is simple: List on Solana, after all, this chain is cheap, has many players, and more importantly, it belongs to the FTX system. At present, there is no specific outlet for everyone's hatred of FTX and Alameda, and I, a meme project born on the Solana public chain, hold an innate cynical attitude and join everyone in cursing the giant that collapsed overnight and brought about the market crash.

Therefore, we can see that Bonk regards FTX as a cultural elite and permeates every detail of the product. For example, the official website explicitly mentions that the purpose of BONK's establishment is to oppose the "Alameda" token economics, because its tokens such as FTT have obvious properties of cutting leeks, which is easy to resonate with investors who have lost money.

However, Bonk also mentioned in the white paper that it will launch a series of gameplay based on the Solana public chain, such as staking and NFT, but whether it can be realized is still a question mark.

3. New way to play Meme coin: directly attack a specific project and harvest the popularity in the short term

Bonk's design concept really worked. In addition to the sharp rise in the price of the coin, the trading activity is also rising. In the past 14 days, BONK has accumulated about 540,000 transactions, with a total transaction fee of more than 1.6 billion US dollars, and a maximum of 34,441 wallet holding addresses. However, whether the popularity can continue, I believe everyone has the answer in their hearts. After all, Bonk is more like a seasoning in the bear market.

But Bonk's packaging skills are worth our careful consideration: Meme coins that criticize the general environment are already all over the streets. If you can criticize a project or an event in a segmented way, you may gain huge popularity in a short period of time at the right time.

Let’s compare which public chains have not launched Meme coins and which public chains may also surprise and disappoint the market in the future. Bonk copied Dogecoin and SHIB, and it may be copied by other more copycat projects in the future.