Bonk Price Prediction – BONK Price Potential 2024

Bonk is a memecoin built on the Solana blockchain that was airdropped on Christmas 2022 as a way to “counter the predatory practices that harmed Solana.” With Bonk, Solana attempts to give control of the chain back to the people. These efforts have propelled Bonk to a massive surge of more than 11071% in 2024, according to CoinmarketCap, before a correction of 57%.

The surge in the Bonk price can be attributed to the bullish sentiments around cryptocurrencies following Bitcoin’s rise. However, the robust official whitepaper portrays this token as more than just a memecoin. It states that it is a community token meant to be integrated with all the dapps (decentralized applications) on Solana.

This guide uses the current bullish sentiments and the token’s underlying utility to give a Bonk price prediction.

Buy Bonk Now

What is Bonk?

“2023 is the year the Solana Community takes the network back into its own control”, is one of the lines in Bonk’s whitepaper, which sets the tone for what this project is all about.

Bonk is a Solana-based community token, a memecoin taking inspiration from Dogecoin but opts to be on a more sustainable blockchain. Per the whitepaper, the project has one goal: to be an SPL token capable of serving the Solana community across the entire network.

It is doing so by being integrated with multiple Solana-based decentralized applications. At press time, Bonk has been integrated with over 117 dApps, positioning it as one of the top meme coin projects around. These include 26 Defi integrations, 9 developer integrations, 29 exchange integrations, 21 gaming integrations, 7 payment integrations, 6 social, 7 payment, and 7 wallet integrations.

This memecoin project also aims to make Web 3 more palatable since it is still a niche not fully embraced by the entire tech world. “Bonk hopes to provide a user-friendly starting point”, states the whitepaper. And for that, more integrations will be coming.

History of Bonk 

Bonk arrived on the Christmas day of 2022 via an airdrop to Solana NFT holders. It was launched at a time when bearish sentiments around the crypto community were high. However, BONK creators say that the purpose behind the release of Bonk was to create something “for the people, by the people.”

Meanwhile, you can check out our list of the best Solana NFTs.

The developers say that they didn’t want to sully Bonk with any “toxic tokenomics” that have long been prevalent inside the cryptocurrency market.

As a result, the “Bonkpaper” was born. Initially referred to by its original meme-based name, the bonk paper has now become a standard whitepaper. Factors that influenced this evolution include Bonk being integrated by multiple decentralized applications and the token gaining more support from the crypto community.

Bonk Price History 

Bonk launched in 2022 Christmas as an airdrop to Solana NFT holders. The reception around that time was lukewarm, with the token’s value accumulating around the $0.00000019 mark. It was only in November 2023 that the Bonk price started to rise.

The increase was subtle at first, edging towards double digits. However, the Bonk attained its all-time high on 14th December 2023 after it was listed on Coinbase and Binance. Despite experiencing a retracement in early 2024, the token has continued to persist at a high level, maintaining a steady market capitalization of over $1.4 billion as of March 20th, thus becoming one of the hottest Solana meme coins.

Meanwhile, with the current performance of Bonk, it might become the next cryptocurrency to yield 10x profits for early movers.

Check out our guide for detailed insight on how you can buy Bonk this year.

Bonk Tokenomics 

Staying true to its desire to stay away from “toxic tokenomics,” Bonk has a community-centric distribution model where only 5% of the total supply is dedicated to the developers of the Solana chain. The remaining tokens are distributed in the following fashion.

21% Goes to Solana NFT Projects

Since Bonk dropped as an airdrop to Solana NFT holders, 21% of the total tokens are distributed among over 296,000 Solana NFTs. Spread between high, low, and mid-cap collections, Bonk has taken a non-hegemonic approach toward token distribution.

21% is for Early Contributors 

21% of the total supply is dedicated to those who helped launch this project. The whitepaper says that there are 22 individuals who are still involved with the creation and popularity of Bonk. These developers have helped create artwork, draft the Bonkpaper, web development, and business development, and offer early liquidity.

16% is for the Bonk DAO

Devs have allocated 16% of the total supply to the Bonk DAO. This allocation will come in use when creating community-based initiatives around Bonk. It makes BONK one of the more interesting DAO cryptos in the market.

16% Goes to Market Participants

16% of the total supply of Bonk is going to those who are actively participating in trading Solana and interacting with the DeFi aspects of the Solana ecosystem.

You can also check out our guide to discover how to start trading Solana.

10% Goes to Artists and Collectors

10% of the total supply of Bonk tokens is being dedicated to Solana-based artists and collectors. The distribution model will not be based on the number of artworks traded. However, it will have a minimum cut-off amount for fairness.

5% Goes to Solana Devs

5% of the total supply is being allocated to the developers on the Solana blockchain. The rationale behind this decision is that Solana devs must be incentivized to continue creating innovative projects like Bonk to further push the Solana Price.

Bonk Price Analysis and Profit Potential  

Bonk has started to gain traction only a year after launch, which is largely because of the recent positive conditions in the market. Another reason it has become a success is because of its similarities to Dogecoin. It is a Doge-based meme coin after all. Therefore, we use Dogecoin as the benchmark to see how up Bonk will be able to reach.

Dogecoin came out in 2014 at a time when the concept of meme coin was novel and unheard of. People didn’t care for it much when it first arrived, leading to its price accumulating around the $0.003 mark for the next six years.

It was only during Bitcoin’s 2020 halving that DOGE started to generate interest. Elon Musk also came out as a fan, which pushed the DOGE price to its peak of $0.68 in May 2021, thereby raising its market capitalization to 89 billion.

However, it was only in 2022 that people started to ask for more from Dogecoin. No longer satisfied with its jokish nature, they wanted Dogecoin to have an actual perk.

While Dogecoin and BONK may share some similarities, the latter’s massive growth since its launch could be an indication that it has more potential than the former.

Investing early in the token could be a brainer. Although it doesn’t guarantee instant returns owing to the high volatility of the market, it is still considered a good buy for long-term investors.

For more information, we recommend that you check out our guide on Dogecoin Price Prediction.

Bonk Has Hit the Ground Running In terms of Utility

Bonk has already hit the ground running in terms of utility. While it was airdropped to Solana NFT holders in 2022, its goal was always to become an integral part of the Solana ecosystem. As a result, Bonk has been integrated with multiple aspects of the Solana network.

For instance, when it comes to multi-chain integration, there are Wormhole and BuyBonk. In DeFi, Bonk’s integrations include Bonkbot, Goosfx, Elusiv, Bonkswap, and more. Bonk has also found integrations in the P2E gaming space, having been integrated to create projects like FFF Raffles, Bonk or Bust, and more.

These aspects give Bonk more upsides than Dogecoin – at least at first glance. Provided that Bonk can add more utility in the future, it can get closer to Doge’s valuation when Doge was at its peak.

For now, Bonk has broken multiple records. At one point, it became the leader as the most sold memecoin in 24 hours on CoinMarketCap, leaving many like Jacob Crypto Bury to speculate whether the Bonk price can experience another pump.

If you are a beginner and you are interested in getting started with Bonk, we recommend that you read our guide on how to buy cryptocurrency safely.

What are The Factors Driving Bonk Price?

The following are the key factors that are acting as catalysts for the Bonk price rise:

Bitcoin Gaining More Traction

The approval of all Bitcoin ETF filings further confirm the legitimacy of Bitcoin in the financial sector. This feat along with the highly-anticipated Bitcoin halving set the stage for a promising year for the coin. Without a doubt, the widespread excitement around these events has resulted in the entire crypto space moving up. Like other coins, Bonk has been benefiting from the real buzz in the market right now.

Similarity to Dogecoin

Another major factor pushing the Bonk price is its similarity to Dogecoin. Many have called it the “Dogecoin-equivalent on Solana,” which means it can leverage Dogecoin’s popularity to climb up the price charts. While Bonk has not coupled its growth with the Dogecoin so far, that may change soon.

Solana Blockchain

Solana is another factor that could give the Bonk price a major push. SOL has also climbed the price charts since the beginning of the year and is currently 6% higher than its January 25, 2023 valuation. Since many consider Bonk to be a leveraged bet on Solana, Solana’s pump could boost Bonk’s value.

Integration and Utility  

Bonk has been integrated with multiple decentralized applications. When more integrations arrive in the coming days, Bonk’s utility can potentially grow, pushing investors toward its direction.

Is Bonk the Best Meme coin to Invest in 2024?

Even though Bonk has multiple positives, it is not necessarily the best crypto to buy in 2024. The project has strong competition, and there are calls for somewhat of a real-life usage for the token. Failure to produce a strong utility case for BONK may force it to suffer a similar fate to DogeCoin. And even though there are those who are still willing to rally behind it, it is unlikely that it will be able to keep up its momentum. Therefore, investors must look for better alternatives like  Dogecoin20.

Dogecoin20 

Dogecoin20 is the best alternative to BONK this year. Carrying the same name as Dogecoin, Dogecoin20 presents users with assets similar to those but with long-term perks, as well as a different blockchain.

Developed on the Ethereum blockchain, Dogecoin20 is less energy-focused than Dogecoin. However, its staking attributes, as well as its viral factor, also give it a leg up over BONK.

The primary goal of Dogecoin20 is to direct Dogecoin’s growth towards a greener ecosystem. Secondly, being a deflationary crypto, it also has the potential to leverage scarcity to evolve with time.

Even though the project’s current utilities are limited to staking, as the community comes in support of this crypto, more positives may arrive for DOGE20, bringing in more use cases.

Currently available as a presale, Dogecoin20 is evolving rapidly. So far, the project has raised upwards of $3.5 million. Those interested in Dogecoin20’s offerings should visit dogecoin20.io.

Buy Dogecoin20 Now

Bonk Price Prediction – The Verdict

Bonk has had a good run near the end of 2023 and is continually getting the community interested thanks to its unique offerings. While the project’s recent rise can be attributed to better general market conditions, there are some aspects unique to Bonk that could give it long-term upsides.

However, Bonk may not be able to hold its momentum for longer. The market is still volatile, and for all intents and purposes, Bonk is still a meme coin. Therefore, investors are better off looking for alternatives such as Dogecoin20,  Its DOGE-based approach combined staking mechanics can make it one of the leading meme coins to get behind in 2024.

FAQs