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BONKz NFT Collection Sold Out Quickly – but Solana’s Memecoin Is Down Again

The hype around BONK continues: Although the new Memecoin in the Solana ecosystem can only partially maintain its gains. But a fresh BONKz NFT collection is sold out rapidly and is convincing on the secondary market. The joy over the successful debut of BONKz can be felt all the way to Solana (SOL). SOL can confirm its current rally and step by step has worked its way back up to a price level of over $16 – the highest level since the collapse of the crypto exchange FTX.

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Touted as the first Solana Memecoin, the BONK token continues to be a hotly debated topic: at the beginning of the year, BONK made headlines with daily gains of well over 100 percent, but this momentum was short-lived. With a weekly minus of around 70 percent, BONK has come back down to earth in terms of price.

On the other hand, BONKz, an NFT collection of the project, can celebrate its premiere as extremely successful. All of the 10,000 or so BONKz NFTs intended for sale found new owners within a few hours, and these are seeing price jumps on the secondary market. For a BONKz, an initial $25 unit price in BONK was to be paid. A day and a half later, BONKz NFTs on the Magic Eden secondary market are averaging about 16.5 Solana (SOL), which is equivalent to about $260.

Read more details about BONK and find everything about the first Solana’s Memcoin with the Born2Invest mobile app. Our companion app keeps its readers up to date with the latest financial news of the day.

Profile Pictures (PFPs) NFTs collection created by BONKz

With the help of prominent digital artists, BONKz had created a collection of so-called Profile Pictures (PFPs) NFTs that can be easily used as exclusive profile pictures in online activities. Leading the effort was studio OMNI, which represents well-known NFT artists such as John Lê and Degen Poet. The creators had pledged to immediately destroy (“burn”) all BONK revenue from initial sales in order to decrease the total number of all BONK and thus strengthen the Memecoin’s price curve. As OMNI announced via Twitter, this way 165 billion BONK were collected in the total amount of 255,000 US dollars. However, a direct impact on the price curve of BONK was not visible.

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Nevertheless, the joy over the successful debut of BONKz can be felt all the way to Solana (SOL). SOL can confirm its current rally and step by step has worked its way back up to a price level of over $16 – the highest level since the collapse of the crypto exchange FTX. The bankruptcy of FTX and linked companies had hit Solana hard because the ecosystem had been massively supported from there. BONKz is technologically based on Solana and, like BONK itself, is intended to demonstrate that SOL’s ecosystem can restore attractiveness on its own.

Conclusion: BONK with NFT project on the pulse of time

With the probably best-known Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB), investors have already become accustomed to very high volatility and BONK will be no different. Whether BONK will reach a critical size is uncertain, currently, BONK ranks around 400 in the list of the most capitalized cryptocurrencies. However, the BONKz NFT collection has shown a way in which application fields could score.

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(Featured image by KNFind via Pixabay)

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Michael Jermaine Cards is a business executive and a financial journalist, with a focus on IT, innovation and transportation, as well as crypto and AI. He writes about robotics, automation, deep learning, multimodal transit, among others. He updates his readers on the latest market developments, tech and CBD stocks, and even the commodities industry. He does management consulting parallel to his writing, and has been based in Singapore for the past 15 years.