Introduction

Bonk Coin (BONK) is a meme coin built for the Solana community to re-energize itself following the collapse of FTX and its subsequent effect on SOL, which ended up dropping nearly 97% from all-time highs after the debacle.

The Bonk coin is issued by the decentralized organization BonkDAO, which is based on the Solana blockchain. Prior to December of last year, only those who actively follow the Solana development had heard of it. Bonk Inu is the dog coin of the people. It is the first Solana Dog Coin created by the people for the people.

$BONK is a community dog coin that was airdropped to a variety of Solana NFT holders, DeFi members, art collectors, and Solana developers. 50% of the total supply will be airdropped to the Solana Community by BONK. The devs wanted to have some fun because they were tired of the toxic tokenomics in “Alameda.”

The Solana NFT collections will get 20% of the 50% airdrops. This consists of 297,000 unique NFTs. Meanwhile, 10% will go to Solana artists and collectors. Additionally, early Openbook traders will get a 15% BONK airdrop. The developers will receive the final 5%.

Methodology

In this dashboard and on the occasion of massive hype of $BONK token during the recent days on Solana ecosystem, I am going to perform a deep analysis of this token and its activity and also its holders activity over Solana ecosystem since its launch (24th December 2022).

For this, we need $BONK token mint address which is DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263.

So, we are going to check:

• Total number of $BONK holders
• % of holders that are active wallets
• Average amount $bonk in holder wallets
• Average time holding bonk
• What kinds of Solana users are $bonk holders? How active are they, what other tokens do they tend to hold ?
• Has Solana activity as a whole risen in conjunction with recent $bonk activity?
• How much Solana activity does Bonk Inu account for?

As mentioned earlier, on the right chart, we can see the visualized distribution of $BONK token among various groups.

On the left chart, we can see $BONK & $SOL price since the launch of $BONK (24th December) over time. As we see, both tokens has experienced significant growth in their price over time.

As mentioned earlier, $BONK’s growth rate of course is way sharper and more than $SOL token and its making all its holders and buyers richer and richer as time goes on !

We can also conclude that the launch of this token and the hype of buying it, has positively affected $SOL token’s price after its massive price drop after FTX & Alameda collapse.

So, based on the above defination of active users, there are currently 55.6k unique active wallets who are holding $BONK in their wallet and the average held amount by these users is 1B $BONK.

So, almost 49% of all $BONK holders are active Solana wallets and the remaining %51.1 are the users who have not performed at least 10 Solana transactions during the past 3 months.

Moreover, we can see that the average held $BONK by these active users is slightly less than the average held $BONK by non-active wallets.

According to the above data, in today (4th January 2023) there are currently 117.6k unique $BONK holders and the average held amount by each user is 1.197B $BONK. (you can also check $BONK’s profile on Solscan as a proof).

The majority of $BONK holders are currently holding between 100M - 1B $BONKs (more than 36% of all holders) and the second rank belong to the holders with 10M - 100M held $BONK.

The interesting thing is that the 3rd rank belong to the users who are holding less than 100 $BONK and with considering the very low price of $BONK token ($0.000002054 currently) this amount (less than 100) is so low! this can be the remaining dust from selling or transfering $BONKs.

According to the left data, the average holding time of $BONK token by its holders is 6.49 days (less than 1 week).

Moreover on the pie-chart, we can see that the majority of $BONK holders have held their token for 1 - 2 weeks and the second rank belong to the holders with 1 - 3 days holding time. So, we can say that this mem-coin holders are not so loyal and maybe tend to make profit from buying and fast-selling it.

On the left chart, we can see the highest number of $BONK holders have achieved during the first days of its launch especially 25th December 2022.

As we see, during the first days, the most number of holders were non-active wallets but as time goes on and especially during the recent days, the share of Active wallets among these $BONK holders is increasing more and more over time.

Active Holders

In this part, I have calculated the number of active wallets who are holding $BONK in their wallet. For this, Firstly I have defined Active wallets: in my opinion, Active users are the Solana wallets which have performed at least 10 transactions in Solana ecosystem over the past 3 months.

Holders

$BONK Token Distribution and Its Price vs $SOL Price

Based on the left data, the average number of done transactions in Solana ecosystem by $BONK holders is more than 7000 which shows the high activity of $BONK holders. Also, we can say that average number of active days in Solana ecosystem by $BONK holders is more than 73 days (~2.5 months)

the majority of $BONK holders have totally performed 10 - 100 transactions in Solana ecosystem (almost 28% of them). On the other hand, we can see that most number of $BONK holders were active in Solana ecosystem for 7 - 30 days (1 week - 1 month).

And based on the above data, the average number of Transactions in Solana made by $BONK holders in a month is 867 transactions which is so high!

But, in the pie-chart, we can see the majority of these holders have totally done less than 5 transactions in Solana. So, the difference between these 2 metrics can be because of the high difference between activity of $BONK holders in Solana ecosystem (some are way too active and some others are way too inactive).

And on the above charts, we can see the daily destination of $BONK holders via their $BONK token over time (since its launch on 24th December) and as we see, the share of swap programs such as Orca and Jupier and Raydium and Serum is way more than other programs in almost all days.

And on the left chart, we can see the daily activity of $BONK holders in Solana ecosystem and their number of transactions over time.

As we see, their activity is increasing as time goes on and the highest activity of them has achieved during the recent days and after 24th December ($BONK token launch).

On the left chart, I have extracted the Solana programs that $BONK holders have interacted with them via their $BONK token. As we see, Orca, Jupiter, Raydium and Serum (all are swap programs) are the top popular Solana programs that $BONK holders have intreacted with them via their $BONK.

On this list we can also see some other popular programs such as Solend, Openbook, Metaplex and Tulip.

And on the left chart, we can see that the majority of $BONK holders tend to also hold $USDC in their wallet. there are also some other tokens such as SOL and mSOL and Hono which is being held by these holders.

On the above charts, I have distributed our timespan into 2 parts: Before $BONK launch and after $BONK launch.

Then, I have analysed the activity on Solana ecosystem over the past months (since 1st December) over time. As we see, the impact of $BONK launch on this ecosystem is clearly visible on these charts especially in terms of number of daily transactions and active users on Solana. We can also see an huge high spike of new first-time registered Solana users on 25th December (the main activity day of $BONK token in Solana).

As a more clear view, on the average daily charts, we can obviously see that the average daily number of transactions and also active users on Solana ecosystem has increased after $BONK launch.

On the above and left charts, I have calculated the share of $BONK transfers and also $BONK-related transactions in Solana ecosystem since its launch.

As we see, especially since start of the new year (from 1st January), the share of $BONK token is increasing over time.

This single token almost consists 8.23% of all Solana transactions which can be a very good satisfying statisticts for $BONK !

Impact of $BONK Token on Solana ecosystem

Summary and Conclusion

On the above analysis, We have seen the quite-positive impact of $BONK token on Solana ecosystem since its launch.

• The launch of $BONK token has attracted high number of Solana users and also new first-time users to this network and the number of transactions on this ecosystem has also increased significantly after $BONK launch as well as $SOL token price that have experienced massive drop after FTX collapse.
• There are almost 120k unique Solana wallets who are holding $BONK token in their wallet and almost 49% of them are active Solana wallets who have performed at least 10 transactions in this network over the past 3 months.
• There were wide variety of Wallets among $BONK holders with different activity and also number of active days in Solana ecosystem. So, we can conclude that $BONK token has attracted different types of Solana wallets to itself and is well-performing in recovering the Solana ecosystem after its crash since FTX collapse.
• The highest peak of activity with $BONK token was during the first days of its launch (especially on 25th December), we have also seen a huge high spike of new registering users on Solana on this day.
• Swap programs such as Orca, Jupiter, Raydium and Serum are the most popular destination of $BONK transactions in Solana.
• Magic Eden NFT marketplace and swap programs such as Raydium and Jupiter was the most used programs by $BONK holders in Solana (all-time)
• The share of $BONK transfers and transactions in Solana ecosystem is increasing more and more over time to the extent that on 3rd January, more than 8% of all Solana transactions were done with $BONK token involving in them!
• $USDC and $SOL token were the 2 most popular held tokens by $BONK tokens.

Discord: Ali3N#8546 Twitter: Alik_110 Email: Alik110.72@Gmail.com

External Sources:

https://cryptopotato.com/what-is-bonk-inu-bonk-the-dogecoin-of-solana

https://coinmarketcap.com/currencies/bonk1

And on the left chart, We can see the top 10 popular programs used by $BONK holders on Solana (all-time).

As we see, Magic Eden NFT marketplace is the most popular used program by these users and the next ranks mainly belong to the swap programs such as Serum and Jupiter and Raydium.