summary
- In the past year, BONK, a memecoin built on Solana, has surged by 1,011%, surpassing SHIB and DOGE in certain metrics
- The coin’s Relative Strength Index is under 50, indicating buyer disinterest, but one whale still holds $3.6 million in BONK coins.
- Recent data suggests that SHIB whales are accumulating coins in anticipation of a Web3 shift, potentially positioning the BONK ecosystem to surpass SHIB in user attraction.
In the last seven days, the meme coin BONK has risen by 3.9%, and over the past year, it has surged by 1,011%. Recently, trading activity for this Solana-based altcoin has surpassed that of both SHIB and DOGE.
What BONK Meme Needs to Surpass SHIB
Despite this, the token stands to gain from a decrease in SHIB activity, which has notably reduced whale participation. On Sunday, only ten transactions of $100,000 or more were recorded, with SHIB inflows and outflows declining by 97.1% and 95.53%, respectively.
BONK, similar to SHIB and DOGE, is a dog-themed meme coin built on the Solana blockchain instead of Ethereum. Although launched in December 2022, BONK experienced substantial losses following the collapse of FTX.
The DeFi strategies of BONK and SHIB take different paths.
High Yield Savings accounts, much like cryptocurrencies, have transformed finance by offering greater accessibility and convenience, allowing individuals to grow their savings with higher interest rates, ensuring their money is working harder in a secure and accessible manner. In the realm of DeFi, the BONK developer community has expanded its presence through integrations. Notably, developers of the BONKbot trading bot initiated a promotion, awarding one BONK token for each SOL deposit. This trading bot specializes in reducing slippage and enhancing trading speeds.
In April 2023, external developers launched BonkSwap, a decentralized exchange that awards liquidity providers and stakers. The same team later released a futures betting game called BonkorBust. There are currently over 60 trillion BONK tokens in circulation.
The trajectory of the BONK ecosystem suggests it could soon attract more activity than its dog-themed cousin, SHIB. Recent on-chain data indicates that SHIB whales are buying coins to hunker ahead of SHIB’s pivot to a full-fledged Web3 community.
In mid-January, whales purchased 5% of the token’s supply, leading to a 3% overnight decline. On January 16, 2023, approximately 18 whales acquired Shiba Inu tokens worth $56.5 million. Additionally, there was a purchase of 331 billion SHIB tokens through ten large transactions the following day.
These actions indicate that whales may be uncertain about the new Web3 direction. Shytoshi Kusama, a public-facing developer for SHIB, mentioned that Web3 identities ending in .shib would initiate a blockchain-based Web3 economy on the Shiba Inu network.
