This month BONK, a dog-themed cryptocurrency coin, saw its returns parabolic thanks to the virality of interest from crypto investors and holders.
The memecoin in question seems to have a growing technological infrastructure.
According to market data available, the team behind BONK released another trading bot which, every single day in the last week, owned over 70% of volume generated by DEX bots. This generated approximately $4.8 million of fee revenue during the period.
BONKbot fees for the last 24 hours were comparable to those of well-known DeFi protocol Aave or Curve.
BONK’s debut on Christmas Day, 2022 was seen as a playful attempt to revive the Solana Ecosystem. BONKbot’s recent success suggests the developers of memecoin may have more ambitious plans.
“BONK might just be a tech company wrapped in a memecoin after all,” Blockworks Research analyst Dan Smith commented on BONKbot’s revenue from X.
BONK’s price chart is a magnification of Solana, with a recent value of just a fraction. BONK’s price increased by 227% during the last month while Solana (SOL), gained 73%. BONK’s price rose as Solana’s recent momentum decreased.
BONK lost a quarter its value in the last seven days, while Solana gained 9%.
BONKmas is a reward promotion that rewards users for depositing a minimum of one SOL token in the trading bot.
It’s important to note that the technology behind BONK is not revolutionary. The growth strategy of BONK has been largely focused on integration with existing platforms, where BONK is bought and sold on exchanges and moved within the DeFi eco-system.
BONKbot is a tool that has an automated buy function. This allows traders to make trades a little faster. The company teamed up with Jito Labs in order to protect buyers against receiving lower prices due to slippage and slow shipping.
The functions of crypto are not new. They are not just tokens, but real trading technologies that need real developers to work with them.
BonkSwap, a decentralized exchange (DEX) centered around the community launched in April by developers who are not part of the BONK project. On certain pools of the DEX liquidity providers are able to receive BONK tokens escrowed, while BonkSwap has developed an one-minute betting game called BonkOrBust.
BONK has seen its price increase significantly in the last two months, despite a slight slowdown. It is now ranked amongst top 100 digital assets by market cap.
Even if BONK technology isn’t at the cutting edge, its existence suggests that it could defy memecoin stereotypes.
“It gets viewed as a memecoin, but it’s more akin to a traditional protocol token,” Smith said.
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