Today we are talking about a brand new series. In the last series we talked about RWA, this time we talk about memes, because we know that almost every bull market will produce a super big meme project, such as the last round of shib. Who would have thought that a shib can The market capitalization has risen to the top 10, and it is still a meme that just came out, just like the last round of Dogecoin, etc., so there will also be a meme in the next bull market? In fact, we have talked about a lot of meme projects before, such as pepe, meme coins, floki, etc., which have just come out in this round. So are there any others that have the chance to become dogs or shibs in the next bull market? Let’s take stock today. one time. What I’m talking about today is a meme that has increased tenfold in the past month, that is, after removing the 0, it is Bonk. Its current market value has reached 180 million U.S. dollars, and its ranking has reached 220+.
Introduction
This project was launched at the end of December 2022. BONK is the first Solana version of Dogecoin for the public. The purpose of BONK is to oppose "Alameda" token economics, such as the deceptive tokens launched by Alameda on Solana. FTT, SRM, OXY, MAPS, etc., all of these have the characteristics of low circulation and high FDV, which makes it easier for them to manipulate prices, not only disrupting the market, but also causing heavy losses to most investors. BONK hopes to create an interesting meme coin so that everyone can get a fair chance and investors will not be subject to similar price manipulation again.
Bonk means knocking or knocking in English, so zone member 0xbustos also created a BONK meme game. The game screen is a Shiba Inu hitting SBF on the head with a baseball bat. You need to spend BONK tokens to start the game. Because in fact, if many people have coins on the FTX exchange, or participate in its related projects, they will definitely suffer heavy losses, so this project can arouse the emotions of such people, and in the same way, establish an enemy, which is conducive to the unity of mankind. Groups, this is also a common method used in meme projects.
Because we know that the FTX thunderstorm occurred in November of 2022. At that time, SOL received a great impact. The currency price fell from more than 30 US dollars to about 10 US dollars. Solana experienced a severe liquidity crunch, and its ecological projects also fled one after another. . Therefore, the emergence of Bonk is also to maintain the ecology of SOL and the confidence of holders, so it uses 50% of the tokens for airdrops to NFT holders and developers on Sol, so the Bonk project wants to use memes to arouse Solana supporters enthusiasm.
The emergence of BONK was accompanied by a surge in the price of SOL tokens from US$8.3 to US$11.91, with a maximum increase of 43%. This can be regarded as one of the few moments in which SOL's currency price has soared recently.
According to the official introduction, Bonk issued a total of 100 trillion BONK tokens, and 50% of the tokens were airdropped to the Solana community, including the developers of LamportDAO (LamportDAO is the center of Solana builders), Famous Fox Federation and other NFT projects. Even the airdrop targets include DeGods, which has previously announced its migration to other chains. The specific allocation of airdrops is as follows:
20% to Solana NFT collection, including 297,000 individual NFTs
15% to early openbook traders
10% to Solana artists and collectors
5% to Solana developers
Then there is 50%, of which 20% is given to early contributors, 15% is given to Bonk dao, 5% is given to the market, and 5% is given to liquidity. 54,175,991,495,377, with a circulation rate of 54%, which means there are still 45% that have not been unlocked.
Let’s look at the current development. Like the floki we mentioned before, the current meme projects have evolved. Unlike the previous ones, just copy the code and then build a very simple website. The users have become sophisticated, so now You see, Shib and others have started to engage in ecology. For example, Shib has launched its own swap, and Floki is also launching its own defi and gamefi. The same goes for this bonk, saying that he has also connected with many projects, including defi, gamefi, etc. At least currently, the official website says there are 131 integrated projects.
Then it also made some copycat applications of its own, such as bonkswap, bonkbot, openbonk, bonknft, etc. You should know what projects it copied from the names.
Compare to other meme projects
Of course, when it comes to meme projects, we definitely cannot use the routine of conventional projects to analyze, so we still use data and comparison methods to analyze.
1. Coin holding address
Currently, there are 470,000 addresses seen on Solscan, and the total transaction fee seen on Dune is 16,829,054,640lamports (gas settlement on the Solana chain), but it can be seen that active users are growing.
Then let's compare floki. The number of currency holding addresses in Ethereum is 73,755, and there are 300,000 in BSC.
2. Number of twitter followers
Bonk’s Twitter followers are 110,000, and Floki’s is 510,000. There is still a big gap. And Bonk has not opened other social platforms such as Discord, reddit, etc.
3. Degree of Token Dispersion
At present, there are still a lot of Bonk whales seen on the Solana browser, and there are also a large number of unrealized ones, mainly because the team has a large number of tokens. Floki is relatively scattered.
In conclusion, meme projects are actually about hype and marketing. From a marketing point of view, Floki is riding on Musk’s popularity, while Bonk is riding on the popularity of Afro. It is obvious that Musk’s popularity is higher. From a data point of view, Floki is still slightly better. The number of fans on Twitter is five times that of Bonk, and the number of currency-holding addresses is almost double. However, Floki’s current market value is 300 million US dollars, which has doubled, while Bonk’s recent increase 10 times, reaching 180 million US dollars, so from this perspective, these two guys have actually entered almost the same dimension. If the highest market value of SHIb in the last bull market is calculated at 90 billion US dollars, then both of them have the opportunity to increase by more than 300 times. However, I still remind everyone that the attributes of meme projects are hugely risky. If they can increase by 300 times, they will most likely return to zero. So we must pay attention to risk control.