BONK Origin Story and Guide

Coin: Bonk
Ticker: BONK
Date deployed: Mon June 24 2024

Story Behind the Meme

BONK emerged in response to dissatisfaction with the “Alameda” tokenomics in the Solana ecosystem. The BONK team aimed to create a fair and fun memecoin to rebuild DEX liquidity. Launched as “The Dog Coin of the People,” BONK debuted with a massive airdrop on December 25, 2022, distributing 50% of its 100 trillion supply to Solana users, including artists, developers, and NFT collectors, randomly and anonymously.

In October 2023, BONK’s price surged following the introduction of single-sided staking BONK pools, allowing holders to earn yields without a second asset. Now, BONK is the sixth-largest memecoin by market capitalization, showcasing its popularity and strong community support. This makes it one of the top meme coins today.

Should BONK Be in Your Portfolio?

Before you decide whether or not to add BONK to your portfolio, click here to scan the contract on Solsniffer. Solsniffer is the number one blockchain intelligence tool to detect security risks on Solana. Security risk analysis on Solana has never been easier, make sure to be aware of potential DeFi wallet scams and other crypto security concerns before investing.

Considerations Before Trading BONK :

Risk Management
Effective risk management is crucial. Assess your risk tolerance and diversify your investments to mitigate potential losses. Consider using stop-loss orders to protect against significant drops. Regularly review and adjust your strategies based on market conditions too. Automated cryptocurrency trading systems and crypto trading bots are helpful to improve your efficiency and manage risks better. Additionally, using a wallet portfolio tracker can help in monitoring your investments and other successful traders’ strategies.

Token Analysis
When you evaluate a token such as BONK, look into BONK’s technology, use case, and team. Review the whitepaper for their goals and roadmap. Also analyze the tokenomics, the community engagement, and use tools like Solsniffer for security assessments. While keeping an eye on crypto intelligence news, it’s also wise to check the memecoin market cap (as it affects perception and potential) and stay updated with cryptocurrency trading analysis tools to make informed decisions.

Trading Strategy
A proper trading strategy contributes to successful trading. Start with setting clear entry and exit points, allocate the specific portfolio percentage you predetermined for such opportunities, and use technical analysis to identify potential future price actions. For those who prefer automated solutions, explore platforms offering algorithmic crypto trading, copy trading, and overall smart money trading solutions and strategies.

How to Scan BONK on Solsniffer

Copy the BONK contract address: DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263
Open the Solsniffer website and paste the address in the search bar.
Within seconds, a detailed analysis of BONK on-chain data is generated.
A security score called Snifscore also ranks the project out of 100 to determine the authenticity of the project.

BONK Tokenomics

Total Supply: 93,526,183,276,778
Max Supply: 93,526,183,276,778
Market cap: $1,724,821,415

Snifscore Analysis

Snifscore: 97/100
High-risk factors: None
Medium-risk factors: One
Low-risk factors: None

Summary of (5) Contract Strong Features

A significant portion of the LP is locked or burned.
No auto-freeze risk.
No scams linked to the owner’s wallet.
No mintable risk.
No permanent control risk.

Is BONK a Scam?

Determining whether BONK is a scam requires careful consideration and vigilance. Even if a coin has been around for a long time, the risk of a slow rug pull is ever-present, as such scams have no definitive end time and are quite difficult to detect if the fraudsters are highly competent. Historically, some coins have been tagged as scams, only to be saved by a community takeover (when members of that token community decides to take over the social media such as X and/or Telegram and actively grow the community because the original creators have left), allowing the project to survive and even thrive. Using a token scanner like Solsniffer can help identify potential red flags in a project.

Risk management is important when trading memecoins like BONK, as memecoins are considered high-risk in general. You have to learn how to spot red flags in crypto social media, on-chain data and even with community communications from the team or its members. Pay attention to the token team transparency, if it gives regular updates, and the overall responsiveness from the development team. Look for inconsistencies or sudden changes in messaging, which can suggest potential issues. Awareness of cryptocurrencies scam patterns and rugpull crypto tactics is also important in avoiding losses. Keeping yourself updated with crypto trading signals can also provide insights into market trends and potential opportunities.

By practicing due diligence and maintaining a cautious approach, you can better navigate the risks associated with investing in BONK and similar tokens. Always research the best platform to buy cryptocurrency (CEX or DEX) for the best place to trade crypto.