What is the circulation of BONK coin

BONK coin, a Solana-based cryptocurrency, has a circulating supply of approximately 97 trillion, resulting from its unique airdrop distribution model.

Nov 08, 2024 at 01:26 am

What is the Circulation of BONK Coin?

BONK coin, a recently launched Solana-based cryptocurrency, has garnered significant attention within the crypto community due to its unique distribution model and potential for long-term growth. To fully comprehend the dynamics of BONK coin, understanding its circulation is crucial. This article aims to delve into the intricate details surrounding the circulating supply of BONK, answering pertinent questions and providing insights into the coin's viability and trajectory.

BONK's Airdrop Distribution

The circulation of BONK coin is fundamentally tied to its genesis airdrop, which commenced on December 25th, 2022. The meticulously designed airdrop mechanism played a pivotal role in dispersing BONK coins among the Solana community.

• Eligible Recipients: Holders of Solana (SOL) wallets as of December 5th, 2022 were entitled to claim BONK coins based on a snapshot taken at that time. The eligibility threshold varied according to the amount of SOL held, with allocations ranging from 50 million BONK for wallets with ≤10 SOL to 200 million BONK for wallets with ≥1 million SOL.
• Claiming Process: Users could claim their allocated BONK coins through the official Bonk Inu website by connecting their eligible Solana wallet. The claim period spanned from December 25th, 2022 to January 11th, 2023, providing ample time for participants to secure their share of the distribution.

Total Supply and Circulation

BONK coin has a total supply of 100 trillion, of which approximately 97% was distributed during the initial airdrop. This massive airdrop effectively placed a significant portion of the total supply into circulation, resulting in a highly liquid market from the outset.

• Distribution Breakdown: The BONK coin distribution was designed to reward long-term holders of Solana. The larger the amount of SOL held, the greater the allocation of BONK coins received. Notably, 20% of the total supply was allocated to the Bonk DAO, ensuring future community empowerment and governance.
• Current Circulation: As of February 28th, 2023, the circulating supply of BONK coin stands at approximately 97 trillion, representing nearly the entire initial allocated supply. This high level of circulation suggests a widely distributed coinbase with a responsive and active market.

Market Performance and Value Proposition

The circulation of BONK coin has a direct impact on its market performance and value proposition.

• Liquidity and Trading Volume: The exceptionally high circulating supply has contributed to BONK coin's remarkable liquidity. It is currently traded on numerous major cryptocurrency exchanges, facilitating seamless and efficient trading for market participants.
• Long-Term Prospects: The airdrop distribution model has created a large and engaged community invested in BONK coin's success. This support, coupled with potential future developments such as the establishment of a Bonk DEX, could positively influence BONK coin's long-term value proposition.