Revolut to List Bonk, Distribute $1.2M of Meme Coin in ‘Learn’ Campaign
- Revolut will become the latest mainstream crypto trading venue to list BONK, Solana’s biggest meme coin.
- The European fintech will also run a “learn” campaign that will distribute up to 93 billion BONK tokens to users.
European banking fintech Revolut plans to list Solana’s biggest meme coin Bonk and run a $1.2 million campaign to incentivize its users to learn about the cryptocurrency, according to a person familiar with the matter.
The “learn” campaign plan still requires approval from BONK’s governing council, which oversees the project’s $100 million+ treasury of BONK tokens. At press time the approval vote had almost reached quorum with six of the council’s 12 members voting in favor and none against. Participants expect it to pass.
Revolut declined to comment.
The listing is set to continue BONK’s march into mainstream crypto trading venues after a searing end to 2023 that saw it increase 19,000% in price since Nov. 1, per CoinMarketCap. Coinbase, Binance and other top exchanges listed it during that time.
BONK is a token launched by Solana blockchain enthusiasts in the aftermath of FTX’s November 2022 implosion as a way to bring some cheer to the hurting ecosystem. It has since emerged as Solana’s biggest meme coin that many applications built on Solana use as an incentive mechanism.
Revolut, too, plans to distribute BONK to some of its users as a reward for their learning about BONK through the app.
The proposal being voted on by BONK’s council will automatically earmark 93 billion BONK tokens (worth $1.2 million) for the learn campaign, a person familiar with the plans said. The campaign aims to increase BONK’s user base by 500,000, the proposal said.
A contributor to BONK said the token’s proponents have “lots in the works” to further spread the meme coin’s adoption in the coming months.
BONK’s Rally Highlights Solana’s ‘Almost Miraculous Recovery’
According to Kaiko, the surge in BONK coincides with a renewed enthusiasm for Solana, which has demonstrated resilience despite significant challenges stemming from FTX’s collapse.
SOL stands out as one of the top performers of the year, surpassing ETH’s performance since early Fall. Notably, the SOL/ETH price ratio has reversed for the first time since 2021.
The SOL rally has reportedly disrupted the FTX bankruptcy claims market, with the FTX estate now holding around $4.2 billion SOL, up from $1.16 billion at the beginning of the year. This increase in FTX’s crypto holdings has caused the market for claims to turn “red hot.” Furthermore, the BONK rally led to a sell-out of Solana phones due to the inclusion of a 30 million BONK airdrop.
Kaiko’s findings reveal that while trade volumes of memecoins have not reached all-time highs, they have exceeded the two-year average. In fact, the trade volume for the top seven memecoins surpassed $9 billion last week, a notable increase from the yearly lows of $1 billion.
While the gains of BONK may not last forever, the token’s surge underscores the recovery of Solana. At the beginning of 2023, many had written off the ecosystem, but today, the Solana-based DeFi protocols are flourishing, and developers continue to contribute actively to its growth.
Memecoins on Solana’s Radar
Solana has gained prominence, particularly in 2023, with several memecoins in its ecosystem witnessing notable rallies. The trend extends beyond Solana, with memecoins like BONK, a competitor to Dogecoin (DOGE), experiencing substantial growth within the Ethereum (ETH) rival’s network.
Profitable BONK Trader’s Strategy
Lookonchain previously reported a profitable BONK trader who accumulated over three billion BONK after a dip. This trader spent 386 SOL ($40,000) to purchase 3.29 billion BONK, accumulating a total of 371.4 billion BONK in nine months at a cost of only 6,998 SOL ($276,000). The trader sold half of the BONK during a surge, earning 50,139 SOL ($5.2 million).
Current BONK Status
At the time of writing, BONK is trading at $0.000013 with a market cap of $712.818 million. These memecoin success stories underscore the speculative and dynamic nature of the cryptocurrency market, especially within the rapidly evolving Solana ecosystem.
As the true community coin of web3, $BONK’s utility comes in the form of its strong community and thriving ecosystem of integrations. To-date $BONK boasts over 131 integrations across 9 separate chains, its adoption continues to grow rapidly having reached over 400,000 holders and listings across 25 different centralized and decentralized exchanges.
You can buy Bonk on cryptocurrency exchanges like Coinbase, Binance, Bybit, KuCoin, CoinDCX… and Indodax. Bonk is traded on 38 exchanges.
