BONK’s Bid For Survival: New NFT Release Amidst Crypto Market Recovery
Last week, we witnessed a fervent frenzy surrounding the new Solana-based meme token, Bonk (BONK). Although we harbored hope that it would sustain its momentum, we couldn’t help but suspect that it would eventually fizzle out, as is often the case with new meme tokens. Indeed, this phenomenon has occurred multiple times within the industry.
As reported by CoinPedia, BONK’s value skyrocketed by approximately 3,000% within a matter of days last week. However, as of this writing, it has experienced a dramatic 10% drop within a 24-hour period. It appears that Solana and BONK are now striving to salvage the meme token from oblivion.
BONK’s Non-Fungible Tokens
On January 10th, BONK planned to release more than 15,000 NFT collectibles on the Solana-based marketplace, Magic Eden. These NFTs, intended for use as profile photos on platforms such as Instagram and Twitter, were developed in conjunction with established Solana-based NFT initiatives and feature artwork created by members of the Solana community.
Holders of the “Gods” NFT collection on Solana will be granted priority in minting the Bonk collectibles, and will receive a share of the collection as a reward for their contributions to the project. Additionally, a portion of 8,000 from the total supply will be exclusively mined for BONK wallets.
It was reported that these profile photos serve no practical purpose and were intended to exist only as works of art. Minimum purchase for the mint will be set at $25 in BONK and all secondary transactions will be made using SOL.
Furthermore, any BONK that is collected will be destroyed and erased from existence, and a portion of the royalties earned from sales following the launch will be used to purchase and burn BONK forever. This is a possible factor that led to the decrease in BONK’s market value.
Moreover, several SOL whales cashed out their shares at a time when rumors were circulating on Twitter suggesting that BONK would be dumping.