Last week, we witnessed a fervent frenzy surrounding the new Solana-based meme token, Bonk (BONK). While we were hopeful that it would maintain its momentum, we couldn’t help but suspect that it would eventually fizzle out, as is often the case with new meme tokens. In fact, this phenomenon has occurred several times within the industry.
As reported by CoinPedia, the value of BONK shot up roughly 3,000% in a matter of days last week. However, as of this writing, it has seen a dramatic 10% drop in a 24-hour period. It seems that Solana and BONK are now working hard to save the meme token from oblivion.
Non-Fungible BONK Tokens
On January 10, BONK planned to release more than 15,000 NFT collectibles at the Solana-based marketplace Magic Eden. Designed for use as profile photos on platforms like Instagram and Twitter, these NFTs were developed in conjunction with established Solana-based NFT initiatives and feature artwork created by members of the Solana community.
Holders of the NFT “Gods” collection in Solana will have priority minting of Bonk collectibles and will receive a share of the collection as a reward for their contributions to the project. Also, a part of 8000 of the total supply will be mined exclusively for BONK wallets.
These profile photos were reported to serve no practical purpose and were meant to exist only as works of art. The minimum purchase for the mint will be set at $25 in BONK and all secondary transactions will be made using SOL.
Additionally, any BONK that is collected will be destroyed and wiped out of existence, and a portion of the royalties earned from post-launch sales will be used to buy and burn BONK forever. This is a possible factor that led to the decline 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 disbanding.
This post BONK Survival Bid: New NFT Launch Amid Crypto Market Recovery
was published first on https://coinpedia.org/altcoin/bonks-bid-for-survival-new-nft-release-amidst-crypto-market-recovery/