One such token is BONK, an altcoin airdropped to Solana’s community as a Christmas present in 2022. Featuring a Shiba Inu dog as its mascot, the cryptocurrency was inspired by the popular meme coin Dogecoin (DOGE).
In the middle of December 2023, BONK surged by more than 100% following its listing on Coinbase, one of the biggest crypto exchanges in the United States by trading volume.
Even though the token’s price is no longer at an all-time high, the hype surrounding BONK continues to grow. This article takes a look at who are the top 10 BONK holders in 2024. Find out who owns the most BONK coins and explore why knowing the crypto whales matters.
The Top 10 BONK Owners
According to data published on CoinCarp as of 22 January 2024, BONK was held by 566,773 individual wallets. The top 10 BONK owners held over 33% of the token’s total supply, and the top 100 holders owned over 55%.
|11.6 trillion BONK
|6.4 trillion BONK
|2.4 trillion BONK
|2.3 trillion BONK
|2.2 trillion BONK
|2.08 trillion BONK
|2.03 trillion BONK
|1.8 trillion BONK
|1.6 trillion BONK
|1 trillion BONK
CoinCarp does not provide any information regarding where the accounts of the biggest BONK holders link to. However, it could be speculated that a number of those wallet addresses could be linked to cryptocurrency exchanges like Binance, Robinhood, and Coinbase.
BONK has a maximum supply of 100 trillion coins. The cryptocurrency’s total supply surpasses 93 trillion coins, however, only 63 trillion are in circulation as of 22 January 2024, according to data provided by CoinMarketCap.
Why Whales Matter in Crypto
According to data published by Lookonchain, on 12 January 2024, a PEPE meme coin whale had deposited two trillion PEPE tokens (amounting to around $2.74 million) to Binance. While the whale had not sold their holdings, the on-chain tracker noted that if it were the case, the whale would have made a profit of $705,000 at the time. However, a sell-off that big would have also triggered a drop in the meme coin’s price.
— Lookonchain (@lookonchain) January 12, 2024
While BONK and PEPE may not be directly linked to one another, both cryptocurrencies are meme coins, meaning the price movements of one token could potentially influence the price movements of the other token.
Max Smotritskiy, the co-founder of the CryptoOracle Collective, told Techopedia that knowing who has the most BONK is important for investors because whales can “hamper” a meme coin’s stability by selling a significant amount of their supply at once and thus greatly reducing the price of that token, bringing the PEPE case as a core example. He added:
“By holding a lot of the supply [whales] become de facto celebrities and spokespeople for the meme coin. Potential holders will try and discern their intentions by reading their on-chain behavior. If [whales] never sell their tokens, their holding functions like a burn mechanism, thereby reducing supply. The best example of this is the creator of [Bitcoin] BTC, Satoshi Nakamoto, who never touched their BTC supply, making those tokens considered ‘burned’ or ‘lost’.”
However, apart from having the ability to manipulate the price of a certain cryptocurrency, whales can also maintain a large amount of liquidity that also helps maintain the market capitalization of a digital asset.
According to Kyle Heise, PR director at crypto-focused SCRIB3 and BONK token holder, the longer this lasts, the more attractive a token will become to potential investors.
BONK’s close link to the Solana ecosystem has helped propel the token forward, giving it credibility. However, the meme coin’s initial token distribution could have also potentially affected who the biggest BONK billionaires or even trillionaires are today.
Investors who used the SOL ecosystem were rewarded by being sent a predetermined amount of BONK tokens, and those who “believed in the token were able to scoop up a large portion of these early airdrops at very low prices compared to where the token is trading today”.
According to the BONK whitepaper:
- 21% of the total BONK supply upon its initial airdrop was sent to the 40 most active Solana NFT projects
- 21% went to early BONK contributors
- 16% went to the BONK decentralized autonomous organization (DAO)
- 16% went to active crypto traders and Solana DeFi users
- 10% was sent to artists and collectors of 1/1 art on Solana
- 5% was sent to developers on Solana
- 5% went for liquidity distribution on decentralized exchanges (DEX) and DeFi protocols
- 5% was used for marketing promotions, incentives, and giveaways
SCRIB3’s Heise said to Techopedia that Solana’s resurgence can be paired with the rise of BONK. However, the meme coin’s own initiatives, such as the SAGA airdrop and BONKMAS also contributed to who the top 10 BONK owners are.
Celebrity Endorsement of Meme Coins to Further Fuel Growth
Like with many other things in recent pop culture, celebrity adoption of meme coins similar to DOGE and BONK does have the potential to fuel further token growth, Smotritskiy said.
However, such trends are only temporary, as seen with celebrity adoption of NFTs in the past.
“The only long-lasting proponent of any meme coin is Elon Musk, with his lasting love for DOGE coin. If BONK were to find such an advocate, it would surely boost the token’s standing and, therefore, price.”
But BONK could also piggyback off of Elon Musk’s love for DOGE, as the entrepreneur’s tweets associated with the meme coin (like pictures of his Shiba Inu dog) or about the meme coin tend to drive some adoption in other dog-related tokens too.
SCRIB3’s Heise said that in crypto, celebrities can be everywhere. Solana leaders were some of the earliest to call on the further adoption of BONK, but it was not until recently that the token’s price had managed to flourish. He added:
“BONK was the true leader of the recent Solana Meme Coin season, with others like Myro following suit. But were influencers like Ansem hot before or because of BONK?”
As Solana-based meme coins continue to gain traction, BONK has stood out with a surge in popularity fueled by its Coinbase listing. The top 10 bonk owners hold a significant amount of the token’s supply and play a crucial role in shaping its future market dynamics. While whales can have an impact on stability, they can also contribute to liquidity, attracting a number of potential investors.
The strong connection between BONK and Solana has helped enhance the meme coin’s credibility, with initial token distribution strategies having a potential impact on who the top holders of BONK are today. As BONK continues to capture attention, the involvement of celebrities, akin to Elon Musk’s support for Dogecoin, could propel its growth, emphasizing the dynamic and evolving nature of the meme coin market.