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.
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.