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BONK Bets Gain Favor as New Token Issuance Platform Nets $800K in 3 Days
“I expect the platform's success to surprise many,” well-followed X user @theunipcs “Bonk Guy” told CoinDesk in a Telegram message.
Updated Apr 29, 2025, 1:41 p.m. Published Apr 29, 2025, 12:53 p.m.
What to know:
- The BONK token on Solana is gaining attention as a new platform uses fees to buy the token, generating nearly $1 million in three days.
- Letsbonk.fun, a Bonk-focused token issuance platform, launched with support from the BONK community and Raydium, issuing over 10,000 tokens.
- BONK tokens have surged 54% in the past week, with increased futures interest indicating potential price volatility.
The dog-themed bonk inu (BONK) token on Solana could be one to watch for in the coming weeks as a new token issuance platform uses part of its fees to buy the token, with nearly $1 million generated in the first three days after launch.
Letsbonk.fun, built by members of the BONK community and Raydium, went live late Sunday as a Bonk-focused token issuance platform. A portion of fees will help secure and support the Solana network by using the BONKsol validator, per tweets, with over 10,000 tokens already issued.
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As of Tuesday, the biggest tokens on Letsbonk.fun are HOSICO ($30 million market cap) and LETSBONK ($5.3 million market cap).
“I expect the platform's success to surprise many,” well-followed X user theunipcs told CoinDesk in a Telegram message. The user is colloquially known as “bonk guy” for a viral trade that turned $16,000 into $20 million at peak on a BONK futures trade.
“LetsBONKfun takes a more innovative and simplified approach to memecoin launches, focusing on ensuring that users and the Solana blockchain/ecosystem can capture a good portion of the value it creates,” he added.
“Pump.fun, has made over $600 million in fees since it launched a little over one year ago. Imagine what even a fraction of this would mean for BONK just in terms of sheer buy pressure,” theunipcs said.
BONK tokens are up 54% in the past week, data shows, with a bulk of that move coming after Letsbonk’s launch on Sunday.
Various BONK-tracked futures show a spike in open interest — or the number of unsettled futures bets — with the largest jumping from Saturday’s $170 million to over $250 million as of Tuesday, showing a bump in expectations of further price volatility.
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