If you follow crypto news, you might be aware about solana dog shitcoin called "BONK" is up 900% the past week . If you are thinking to invest in this coin, let me share an important fact regarding this coin. The top 20 holders 50% of the coin.
You can yourself check this here
https://solscan.io/token/DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263#holders
So, it is obvious that they will eventually dump it. Those who are investing seeing the dramtic increase in prices will loose all their investment when it dumps.
You can yourself check this here
https://solscan.io/token/DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263#holders
So, it is obvious that they will eventually dump it. Those who are investing seeing the dramtic increase in prices will loose all their investment when it dumps.
Yeah obviously everyone should stay away from coins like that. Thanks for the head-up. Obviously there is something very wrong if only 20 people are owning more than 50% of the circulating supply. Those few people alone can dump that project to almost zero within a few minutes. So i guess this was a planned pump of this project from the start. A few whales were investing heavily into it, which brought the price up rapidly. Obviously crypto news see this and also ape in and once the price has reached a certain mark those whales will start dumping and then there is no way back to old price levels. Just stay away from meme-coins guys.
Quote
"The Bonk contributors were tired of toxic Alameda tokenomics and wanted to make a fun memecoin where everyone gets a fair shot"
A fair shot of 50% supply for the community, but I think they forgot mentioning where the other 50% are going to...
In the end it wasn't so funny, as firstly expected by the community, to be part of another pump and dump scheme. Those who entered the investment before the ATH can be considered lucky to have be able to make some speculative profit with BONK, but now it's too late. Not advisable to anyone adopting this token anymore.