Try Quests to earn SOLMerry $BONK-ing Christmas
Introduction
Memecoins, a type of cryptocurrency that has been around for a long time, gained a lot of popularity in 2020 and 2021. Two memecoins in particular, Dogecoin (DOGE) and Shiba Inu (SHIB), even made it into the top 10 largest cryptocurrencies based on market capitalization. Despite the bear market of 2022 affecting many memecoins, DOGE and SHIB have remained strong. Another memecoin called Bonk Inu (BONK), built on the Solana platform, has recently emerged and is gaining attention.
A Shiba Inu-themed cryptocurrency called BONK, was released on December 25th. It has seen a return of over 2000 per cent for traders in the past week, with a 150 per cent increase in the past 24 hours alone. 50 per cent of the token's supply was distributed for free to Solana NFT communities and creators, resulting in a rapid increase in hype and trading activity for the token.
Despite being marketed as a humorous cryptocurrency, BONK tokens are being adopted for use in the Solana ecosystem. Several Solana projects have begun accepting BONK tokens as payment for NFTs and have implemented burn mechanisms for NFT-based events.
Methodology
The methodology used in this app is the following:
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Active holders are those that made 5 or more transactions on Solana since December 25th (when the token was launched).
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Involvement on the Solana NFT space considers not only sales but also mint wallets.
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Some wallets were not taken into account when checking at amounts transferred by holder wallets. Those belong to the following: '2yBBKgCwGdVpo192D8WZeAtqyhyP8DkCMnmTLeVYfKtA', -- 'bonk marketing wallet' 'DBR2ZUvjZTcgy6R9US64t96pBEZMyr9DPW6G2scrctQK', -- 'bonk dao wallet' '4CUMsJG7neKqZuuLeoBoMuqufaNBc2wdwQiXnoH4aJcD', -- 'bonk team wallet' '9AhKqLR67hwapvG8SA2JFXaCshXc9nALJjpKaHZrsbkw', -- 'bonk airdrop wallet 1' '6JZoszTBzkGsskbheswiS6z2LRGckyFY4SpEGiLZqA9p', -- 'bonk airdrop wallet 2' '2PFvRYt5h88ePdQXBrH3dyFmQqJHTNZYLztE847dHWYz', -- 'dex bonk-usdc pool' '5P6n5omLbLbP4kaPGL8etqQAHEx2UCkaUyvjLDnwV4EY', -- 'orca bonk-usdc pool' 'BqnpCdDLPV2pFdAaLnVidmn3G93RP2p5oRdGEY2sJGez' -- 'orca bonk-sol pool'
These wallets were obtained from a query from someone in the Flipside Crypto community:
Findings:
Despite the $BONK token being launched on December 25th, it was not only until January 2nd that there was a huge spike of buyers. This was due to the large number of news on this token and its sudden price increase. Most of these buyers accquired the token on Jupiter.
However, this rise in buyers did not highly impact the amount of $BONK bought. Despite an ATH in buy volume on January 2nd, the difference with the other days correlated with the number of buyers indicates that most recent buyers were not whales (= big investors). Those who had early information bought large amounts of $BONK during the following days of the token’s release.
Most buyers bought on Monday, Tuesday and Wednesdays, and these same days are top days in buy volume.
The most swapped token $BONK was bought with was SOL, followed by USDC.
Findings:
We can see that the situation is the same for buyers and sellers.
The majority of $BONK was bought on Jupiter, and the number of buyers is the highest in it as well.
January 2nd to 4th are the days with more selling pressure, as many users that bought $BONK during those days, were only looking for a quick trade.
Monday, Tuesday and Wedenesday are the most popular days for selling $BONK.
Also, SOL and USDC are top tokens that $BONK was sold for, with a 71.3 and 27.2% share respectively.
Findings:
82k wallets received $BONK tokens from the airdrop. This corresponds to 78.1T $BONK tokens in total.
The majority of users that claimed the airdrop did it on December 25th as the token was launched. During the follwoing days, as the token’s price kept going up other users and NFT communities that realized went to claim their tokens as well.
The top wallet by $BONK airdroped was DBR2ZUvjZTcgy6R9US64t96pBEZMyr9DPW6G2scrctQK with 15T $BONK tokens. This address corresponds to the $BONK DAO Wallet. The second wallet corresponds to the $BONK airdrop wallet 2 and the third one belongs to the $BONK team’s wallet. The 4th, 5th and 6th top wallets also belong to non specific users (these wallets are mentioned in the methodology sections). Thus, the top “non-team realted” wallet by airdrop amount received is 3dWvUFYyDHNgFPrDno2mrMw6zjNWfoHoTAX6o96KX35b.
Most elegible wallets received between 100M and 1B $BONK tokens on the airdrop.
Amongst those users that claimed the airdrop, 64.3% of them are involved with the Solana NFT ecosytem.
Findings:
In total, there have been 183.3k holders. Most of them started being holders on December 25th and on January 2nd. Nevertheless, the number of daily unique holders was similar throughout the other days.
The average holder time amongst all holders is 1.476 days. However, the average holding time filtering out one time daily traders is 4.97 days. That shows quite some bullishness on the token despite being a “memecoin” allegedly.
The average daily $BONK held oscilates slightly over time around 0.8B $BONK per holder.
Most holders own between 100M and 1B $BONK tokens, which at the time of writing are equivalent to 324-3240 USDC.
The majority of holders (70.3% of them) are one time day traders.
The top holder is 88xTWZMeKfiTgbfEmPLdsUCQcZinwUfk25EBQZ21XMAZ with 800.27B $BONK tokens (equivalent 2.6M USDC).
The majority of holders are involved in the Solana NFT space.
Findings:
Active wallets are assumed to be those that transacted at least 5 times on Solana since the token’s launch on December 25th.
In total, there have been 104.6k active holders. Most of them appared on January 2nd to January 4th.
The amount held by active wallets has been rising day after day since the day after the launch date.
The average holder time amongst all holders is 2.83 days. However, the average holding time filtering out one time daily traders is 5.04 days. That shows even more bullishness on the token compared to non active holders.
The average daily $BONK held oscilates slightly over time around 1B $BONK per holder. However, it has gone down since January 2nd, as many users sold their tokens.
Most holders own between 100M and 1B $BONK tokens, which at the time of writing are equivalent to 324-3240 USDC.
Only 40.3% of the active holders are one time day traders.
The top holder is 88xTWZMeKfiTgbfEmPLdsUCQcZinwUfk25EBQZ21XMAZ is an active holder.
The majority of holders are involved in the Solana NFT space (64.7% of them).