Screenshots of a transaction have surfaced on Twitter, detailing a crypto trader’s sale of nearly 287 billion BONK tokens for approximately $700,000. The trader previously bought the tokens for less than $330, according to the transaction history. This results in an over 212,000% profit for the fortunate trader, who is suspected to have held the tokens for only twelve days.
Pretty big W pic.twitter.com/9qcHlYdqK1
— Alex (@ShiLLin_ViLLian) January 6, 2023
BONK, the new dog-themed memecoin on the blockchain Solana, was launched on December 25 (though buzz began building as early as in the first week of December) as the contributors’ attempt to make a “fun” coin for the people and revive liquidity on Solana’s decentralized exchanges.
So far, they have received massive preliminary success as the coin has seen its price skyrocket in less than two weeks since launch, especially after the creators burned massive amounts of the coin, like the supply that would have gone to DeGods NFT.
DeGods NFT had been Solana’s number-one NFT project for a long time before the developers broke that relationship by announcing a bridge to Ethereum earlier in December.
However, the BONK team, who wish to remain anonymous, have burned more than just the supply to DeGods. Most recently, the BONK team announced that they had burned the 5 trillion tokens allocated to the team, an amount that would have had a value in excess of $13 million USD.
These actions undoubtedly contributed to BONK’s enormous popularity, which has seen a higher volume of transactions than even Ethereum over the last three days, according to its community dashboard stats on Dune.
Thus, the stunning profit the lucky trader saw over twelve days is no surprise. It is in keeping with other successful memecoins like DOGE and SHIBA, which have been reported to make millionaires out of lucky or savvy crypto traders who were able to buy, hold, and sell the tokens at the right time. The fact that BONK is the first dog coin in Solana and seems to genuinely care about sustaining and maintaining the Solana community for as long as it can maintain its hype and value hasn’t helped BONK’s popularity either.
Responses to the news of the trader’s good fortune ranged from congratulatory to envious. Some users acknowledged it as a decent flip, but expressed disappointment that the trader dumped so much into the market at once, fueling concerns that for all its hype, BONK may not survive long enough to be more than just a pump-and-dump coin.
