Final week, we witnessed a fervent frenzy surrounding the brand new Solana-based meme token, Bonk (BONK). Though we harbored hope that it could maintain its momentum, we couldn’t assist however suspect that it could ultimately fizzle out, as is commonly the case with new meme tokens. Certainly, this phenomenon has occurred a number of instances throughout the business.As reported by CoinPedia, BONK’s worth skyrocketed by roughly 3,000% inside a matter of days final week. Nonetheless, as of this writing, it has skilled a dramatic 10% drop inside a 24-hour interval. It seems that Solana and BONK at the moment are striving to salvage the meme token from oblivion.BONK’s Non-Fungible TokensOn January tenth, BONK deliberate to launch greater than 15,000 NFT collectibles on the Solana-based market, Magic Eden. These NFTs, meant to be used as profile images on platforms reminiscent of Instagram and Twitter, have been developed along side established Solana-based NFT initiatives and have art work created by members of the Solana group. Holders of the “Gods” NFT assortment on Solana shall be granted precedence in minting the Bonk collectibles, and can obtain a share of the gathering as a reward for his or her contributions to the venture. Moreover, a portion of 8,000 from the overall provide shall be completely mined for BONK wallets.It was reported that these profile images serve no sensible objective and have been meant to exist solely as artworks. Minimal buy for the mint shall be set at $25 in BONK and all secondary transactions shall be made utilizing SOL.Moreover, any BONK that’s collected shall be destroyed and erased from existence, and a portion of the royalties earned from gross sales following the launch shall be used to buy and burn BONK without end. It is a attainable issue that led to the lower in BONK’s market worth. Furthermore, a number of SOL whales cashed out their shares at a time when rumors have been circulating on Twitter suggesting that BONK could be dumping.