Try Quests to earn SOL[Ethereum] - Merry $BONK-ing Christmas
What is Bonk?
Bonk is the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community. The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot. They aim to bring back liquidity to solana dexes, alongside openbook's launch, in an initiative they like to call, openbonk! The 50% airdrop splited as follows:
- 20% to solana nft collections, comprising of 297,000 individual NFTs
- 15% to early openbook traders
- 10% to solana artists & collectors
- 5% to solana developers
The Solana Lifeline?
The FTX collapse impacted the Solana ecosystem hardest, with Alameda Research being one of the largest holders of Solana. The Bonk website states, “The Bonk contributors were tired of toxic “Alameda” tokenomics and wanted to make a fun memecoin where everyone gets a fair shot.”
The project aims to bring back liquidity to the Solana ecosystem, which fell off a cliff after the collapse of FTX. According to data from DefiLlama, the Total Value Locked (TVL) is down by nearly 80% since Nov. 6. The Solana ecosystem had a TVL of $1 billion, but due to the FTX fallout, it currently stands at almost $200 million.
Bounty Question
It's still Christmas for Solana's dog coin $BONK — people all over crypto twitter are giving away billions of $BONK tokens, and its price has risen over 40% in the last day (NFA). Bring the world up to speed on Bonk Inu, with all of our favorite metrics:
- Total # of holders
- % of holders that are active wallets
- Average amount $bonk in holder wallets
- Average time holding bonk
- Any other notable trends or outliers you see
Then, give us context! What kinds of Solana users are $bonk holders? How active are they, what other tokens do they tend to hold, etc. Has Solana activity as a whole risen in conjunction with recent $bonk activity, and how much Solana activity does Bonk Inu account for?And as always, don't forget to tweet about your dashboard and $bonk, to share your insights with others!
BONK USD Price
As can be seen, the USD currency of this token has had a general upward trend since its launch until today. (On the 4th of January from 06:00 to 10:00 UTC time, we have seen one of the biggest price growth in this period of several days. So that the price of this token has experienced a growth of about 60% in these 4 hours.)
Transfers
Although the number of transfers always shows an upward trend over time, the volume of transferred tokens does not follow this trend well. Exactly on the day after the launch of this token, we can see the highest amount of transferred tokens in one day. Considering the very high number of recipients on this day compared to the senders, it can be said with certainty that the majority of claim airdrops were on December 25. (Furthermore, this issue is clearly defined by displaying the airdrops chart) The number of tokens transferred on this day is at least 1.6 times more than the amount of tokens transferred on any of the other days. Here, in general, the increase that was in the graph of the number of transfers is not observed. Because apart from this record-setting volume of transfers on December 25, we also see a very clear drop in the last days of 2022, which will be answered with a clear upward trend immediately after the beginning of the new year.
The trend of the graph of the number of senders is similar to the trend of the graph of the number of transfers and the trend of the graph of the number of receivers of transfers also has a trend similar to the graph of the volume of tokens transferred every day.
Swaps
The number of swaps (both types) has had an upward trend in these early days. Especially after the beginning of the new year, you can see a very bright performance in the swaps of this token.
What is clear is that as time has passed, the number of swaps to the BONK token has moved further than the number of swaps from this token. This case has reached its peak in the early days of 2023.
The volume of swapped tokens also does not follow the trend of daily swaps, just like the situation in transfers. Although the highest daily volume of swaps (in both types) is related to the early days of 2023, the trend of the last days of 2022 is not at all similar to an always upward trend, and significant ups and downs can be seen in it, which is also It has caused this clear difference in the trend of this chart.
The fact that we do not see any clear upward trend in swaps in the early days of the launch of this token shows that the sudden increase in the price of this token in 2023 has upset all the equations regarding this token. The price growth of more than 4000% from the beginning of the launch day to today's date (in less than two weeks) has made this token one of the most controversial trends on Twitter these days. The BONK hashtag has been the most repeated crypto related hashtag these days.
Top Holders
DBR2ZUvjZTcgy6R9US64t96pBEZMyr9DPW6G2scrctQK
The above address is related to wallet, who owns 15T of the BONK token and holds the first place among the top holders of this token. The amount of tokens held by this wallet is at least 1.66 times more than the tokens held in any of the other wallets.
$BONK Holders Overview
Of the approximately 106k BONK token holders, 33.2k belong to active wallets. (The definition of this activity was done in the methodology section). This means more than 31% of all holders.
Although about a third of the holders are active wallets, of the 99.7T BONK tokens, just over 13% are held by these active wallets.
The average BONKs held in active wallets is 42% of the average BONKs held in all wallets.
$BONK Holders Activity
One of the sectors in which BONK token holders have been very active (from the day the token was launched until today) has been the buying and selling of NFTs.
Except for December 28th and 29th, when the number one daily action went to "Remove Liquidity", on all other days, buying and selling of NFTs was the most popular activity among BONK token holders.
After the significant growth of the price of this token at the beginning of 2023, it can be seen that most of the actions have also reached their maximum level in this period in these days.
Stake an Unstake has never been among the favorite actions of BONK holders.
Although here there are no swaps (probably due to the inaccuracy of the adopted method or the defects of the tables) in the activities, but according to the checks made on the swaps above, it can be expected that the swaps, with complete certainty , was the most prominent activity performed by the holders of this token.
$BONK and Solana Ecosystem
Clearly, after the launch of this token, the number of transactions in the Solana network has increased. The increase in the number of daily users can also be seen, but the increase here is less than the number of outgoing transactions. The display of these two parameters next to each other in the drawn line chart shows that the trends of these two parameters are very similar to each other. But the question is, can this increase in activity be related to the launch of the BONK token and its performance in the days after the launch? In my opinion, this is how it is. The Solana token has experienced one of its worst price charts in recent months and the price of each SOL has fallen to less than $9 in the same period. But many articles can be seen that the BONK token is considered to be somewhat of a savior from the troubled days of the SOL token. It is not wrong either. Taking a quick look at what's happening on Twitter, Mee Wan acknowledged just how much hype the BONK token has become. Therefore, a good share of this growth in the number of transactions and daily users can be attributed to the BONK token.
Airdrop Status
A huge amount of those eligible to claim this token have received their tokens on December 25. (about 67 percent) The opposite graph shows that almost most of those who received their tokens received their tokens in the same week of the launch (more than 96 percent) and very few received their tokens after have received the beginning of 2023.
Top Held Tokens By $BONK Holders
BONK token holders hold more than $3b of USDC tokens. This amount of tokens is held, more than 9.2 times the $326m famous fox federation token held (which ranks second among the top-held tokens by BONK token holders.)
The presence of several stablecoins in this list of top 10 tokens, as well as the significant gap in the amount of USDC tokens held, shows that BONK token holders are probably conservative users. Another proof of this claim can be found in the average number of days of token hold and no significant change in swaps and transfers after receiving the airdrop.
Methodology
- First, the hourly price chart of the BONK token was drawn from the beginning of the launch to today's date and it was checked how the trend of this chart was.
- Then the transfers of this token were fully investigated.
- In the following, the status of swaps of this token was also checked. In this review, swaps from and to this token were evaluated.
- In the following, the airdrop status of this token was briefly examined, and then it was determined how long each wallet held its tokens.
- Then, to calculate the amount of tokens held by each address, the amount of tokens transferred from and to an address was checked. Values that were transferred from an address were considered negative as output from the user's account, and values that were transferred to an address were considered positive as input values to the user's account. The sum of these positive and negative values was considered as the amount of tokens held in each wallet.
- Then, the status of the hold and holders was examined and it was found that active wallets in 2022 (assumption of being active: having at least 180 transactions in 2022, meaning that wallet had an average of one transaction every two days and it shows that the wallet is active) what are the statistics of the hold and holders.
- Next, the top 100 holders of this token were obtained.
- The activities performed by the holders of this token were also evaluated.
- It was also checked that since the launch of this token, Solana's ecosystem has undergone changes. And can we see a meaningful relationship in this context?
- At the end, other top tokens that BONK holders wanted to hold were also obtained.
Average Time Holding $BONK
The average of 6.86 days that holders have held their tokens (considering that less than two weeks have passed since the token launch), shows that unlike most airdrops, claimers receive a large portion of their tokens at the outset. They sell or swap, this did not happen here, and on average, each user held their tokens for nearly a week. It will be interesting to know if the low price in the early days of the launch was the reason or the sudden increase in the price in the early days of the year made users want to sell their tokens? I think it is the second case. In most airdrops, the price of the newly launched token is generally very high and makes users eager to sell tokens, and they generally do this. But in this airdrop, it seems that the rules of the game were different and the price growth occurred in the days after the launch, and it is interesting that the users who received the airdrop kept their tokens and are probably now very happy with their decision.
Conclusion
As a conclusion, a summary of what was reviewed can be mentioned here:
> * Most of the tokens were received in the first week of launch, but the game rules of this airdrop were different from other airdrops.
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> * After the beginning of 2023, the explosive process of the price growth of this token started and led to the price of this token growing by more than 4000% in the last seven days.
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> * The price growth of this token happened in the same days when Solana network native token (SOL) was experiencing one of its worst days. (The decrease of 50 billion dollars in the market cap of the SOL token at the end of 2022 compared to the beginning of it is a good indication of the difficult conditions surrounding this token)
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> * After the launch of the BONK token, the Solana ecosystem experienced growth in the number of daily users and especially in the number of daily transactions.
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> * The number of swaps and transfers experienced an explosive increase after the beginning of 2023 (and at the same time as the explosive growth of the BONK token price).
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> * BONK token is the top crypto trend in social networks these days and everyone is talking about the dreamlike growth of the value of this token in this bear market.