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PONKCOIN
$PONK airdrop happened several days ago, and now this Solana meme coin, Ponkcoin, is gaining more fame!
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According to the Ponkcoin team's claim, this token is the #1 frog coin for the people, with over 70% of the total supply airdropped to the most active DeFi traders within the Solana community. Ponkcoin combines $PEPE, the biggest and most-loved meme on Ethereum, with $BONK, the major meme on Solana, to bring everyone together with $PONK.
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The total supply of Ponkcoin is 100,000,000,000,000 (100T) $PONK. Any tokens not airdropped will be burned step by step.
In this dashboard I wanna have a deeper look into this project; stay with me!
As you can see on the above price chart, $PONK's price didn't fall sharply after the initial release, which is contrary to what we might expect for most airdropped tokens. Additionally, there was a price pump six days after the release, further confirming this trend
Upon checking the holders' analysis, we can observe that:
- There are 7084 holders, collectively holding approximately 105 million tokens at the median
- Approximately 99% of all tokens are held by tier 1 users, defined as those with more than 1 billion tokens. However, upon examining holder counts based on the holding amount, it becomes evident that this tier comprises only 30% of all users. In simpler terms, 30% of all users possess about 99% of the total supply. This finding underscores the need for PONK to enhance its decentralization by either transferring tokens to lower tiers or burning tokens in the higher tiers and not taking any action may expose this token to heavy price manipulations!
By examining trading activities, including volume, transfer count, swapper count, and buy-to-sell ratio, we can observe the following trends:
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The highest volume occurred on the first day of release. Subsequently, there was a downward trend in volume, but in the following days, an upward trend emerged, indicating an increase in token-related activities.
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The daily transfer chart, however, presents a different scenario. On November 26th, there was a sharp increase in token transfers, signifying live token activity. This pattern is also reflected in daily swaps.
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When calculating buy/sell pressure based on buyer/seller count (rather than volume), the initial days after release showed a sell pressure. For the first four days, there was consistently more sell pressure than buy pressure. However, on the fifth day, buy pressure surpassed sell pressure by more than 2%. In the last four days, there was consistently more buy pressure than sell pressure, indicating a user tendency to acquire tokens.
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However, when volume is considered for calculating pressure, except for November 25th, there was consistently more sell pressure than buying. Additionally, the total sale volume decreased over time, resulting in significant sell dominance on the total donut chart.
Combining 3 and 4 results suggests that Ponkcoin was initially dominated by whales, exerting high pressure on the token, especially in the first days. Over time, the data shows growing interest from smaller users. Despite the ongoing threat of price manipulations from these whales, it remains to be seen whether the project can leverage the trust established by smaller users for the best use. Further decentralization of the token may help avoid potential future problems or mitigate existing threats.