Over the past few weeks, the Shiba inu-themed token has taken center stage in the Solana ecosystem as the idea around the blockchain network gained traction following the Sam Bankman-Fried debacle at FTX. CoinDesk’s Shaurya Malwa takes a look at Bonk Inu. Bonk Inu, a project with a cute dog that uses a bat as its mascot, started with its only page in the “bonk book” in the last week of 2022.

But the lack of clear information about the group or even a dedicated community channel did not make participants put their hopes on the line: the project’s token, BONK, grew 3,200% in just three weeks, almost be one hand that inspires work in Solana. ecosystem, as mentioned earlier. Bonk Inu is a team of 22 people without a single leader, all of whom are involved in creating the project, CoinDesk learned from one of the many developers. All of them have already built decentralized applications (DeFi), non-fungible tokens (NFT) and other related products with Solana. The bonk airdrop – representing 50% of its brand – could get a lot of community interest and quick promotion. About 20% of the total windfall goes to the non-fungible token collection – which includes 297,000 individual NFTs – and 10% to Solana’s targeted artists and collectors. . Airdrops refer to the unsolicited distribution of money or cryptocurrency coins, usually for free, to multiple wallet addresses, and are used as a trick to get users.

After Solana’s disaster following the failure of FTX, Solana’s 22 devs wasted no time in ridding themselves of Sam Bankman-Fried’s dirt. They teamed up to create a “community room” – and decided that dog rule was the way to go.

The team does not see itself as a dogecoin or shiba inu competitor and shows that BONK is already different from the billions of dog meme coins that are already in the market.