Bonk.fun has rapidly established itself as a formidable force within the memecoin sector on the Solana network, outpacing its competitor Pump.fun with an impressive 55.2% share of the market. The platform has successfully generated $540 million through the issuance of 175,000 coins, accumulating approximately $34 million in fees. This significant activity has substantially elevated the buying pressure on the BONK cryptocurrency.
What Drives BONK Coin’s Popularity?
Bonk.fun’s unique approach to fee allocation has played a crucial role in its market success. Half of its revenue is earmarked for purchasing and burning BONK coins, with an additional 8% assigned to building reserves. This strategy, deemed an “automatic coin burning program” by users, ensures all transactions are visible on the Blockchain. Current daily revenues exceed $1 million, leading to the perpetual removal of almost $500,000 of BONK from the market each day.
How Does Bonk.fun Outpace Its Rivals?
Bonk.fun’s appeal is further strengthened by its rapid transaction confirmation speeds. In January 2024, Pump.fun had accumulated $800 million in fees over two years, which Bonk.fun managed to eclipse in just two months through its incentive-based model. The analyst theunipcs suggests that the existing coin-burning pace could see purchases in the hundreds of millions annually.
If Bonk.fun sustains its present revenue trajectory, BONK buybacks could exceed $180 million by the year’s end. This could result in the burning of around 7% of the altcoin’s supply from the start of the year, potentially positioning BONK as a stronger payment option within Solana. CoinMarketCap data reveals substantial value rises of 66.78% over the past week and 53.75% over the previous month, driven largely by Bonk.fun’s market actions.
Despite this, Pump.fun maintains a solid market presence with a 34.9% share and $341 million in trading volume. Other competitors like Believe, Jup Studio, and Moonshot hold smaller stakes as the competitive landscape on Solana continues to evolve. Industry experts suggest that the ongoing struggle for dominance may significantly shape the future of meme-themed coin offerings in subsequent quarters.
– Bonk.fun’s market share hits 55.2%, overtaking Pump.fun.
– Daily revenue allows $500,000 worth of BONK to be burned daily.
– By year’s end, projected BONK buybacks may exceed $180 million.
USELESS, a coin with an unconventional name, initiated on Bonk.fun, has rapidly surpassed a $100 million market valuation, significantly enhancing Bonk.fun’s liquidity allure. During peak trading periods, USELESS experienced explosive volume surges, registering millions within a short span.
