BONK Token Soars as New Platform Generates $1M in Three Days, Attracting Strong Interest
The BONK token, a Solana-based dog-themed cryptocurrency, is making waves as a new token issuance platform has exceeded expectations, generating nearly $1 million in its first three days of operation. Letsbonk.fun, a platform developed by the BONK community and Raydium, went live on Sunday, providing a unique model where part of the transaction fees are used to buy BONK, increasing demand for the token.
The platform focuses on helping secure the Solana network through the BONKsol validator, which is supported by a portion of the fees. Since its launch, more than 10,000 tokens have been issued.
According to the platform’s announcement, the fee structure works as follows:
- A 1% fee on every swap is directed towards BONKsol and a development fund for growth and operations.
- Part of these funds are allocated to the BONKsol validator to enhance the blockchain’s security.
As of Tuesday, the biggest tokens launched on Letsbonk.fun are HOSICO (with a $30 million market cap) and LETSBONK (with a $5.3 million market cap).
“I expect the platform to surprise a lot of people,” said @theunipcs, a well-known X user dubbed “Bonk Guy,” in a Telegram message to CoinDesk. The user, who previously turned $16,000 into $20 million during a BONK futures trade, sees strong potential in the platform’s innovative approach.
“The LetsBONKfun model focuses on simplifying and enhancing memecoin launches while ensuring that the Solana ecosystem and its users benefit from the value it generates,” he added.
He also drew comparisons to the success of Pump.fun, which has generated over $600 million in fees since launching, suggesting that even a small fraction of this success could result in significant buy pressure for BONK.
BONK has surged 54% in the past week, with the most notable price action happening after the launch of Letsbonk.fun.
The surge in interest is also reflected in the futures market, with BONK futures seeing a spike in open interest. The largest futures contracts increased from $170 million in open interest on Saturday to over $250 million by Tuesday, signaling that traders are anticipating further volatility and price movement for BONK.
