BONK Betting Is Growing In Popularity As New Token Platform Raises $800K In Just Three Days
“I suspect the platform’s success will come as a surprise to many,” noted prominent X user @theunipcs “Bonk Guy” in a Telegram post to CoinDesk.
Author: Shaurya Malwa | Edited by: Oliver Knight Updated: April 29, 2025, 1:41 pm Published: April 29, 2025, 12:53 pm
Key points:
- Solana's BONK token is gaining attention as the new platform uses some of its fees to buy the token, raising nearly $1 million in three days.
- Letsbonk.fun is a token issuance platform centered on Bonk, built with the support of the BONK community and Raydium, which has issued over 10,000 tokens.
- BONK tokens have surged 54% in the past week, with increased interest in futures pointing to potential price volatility.
Solana's dog-themed bonk inu (BONK) token could be an interesting one to watch in the coming weeks, as the new token issuance platform is using some of its fees to purchase tokens, and has raised nearly $1 million in the first three days since launch.
Letsbonk.fun, created by community members BONK and Raydium, launched on Sunday as a token issuance platform focused on Bonk. A portion of the proceeds will go toward supporting and securing the Solana network via the BONKsol validator; more than 10,000 tokens have reportedly been issued so far.
Let's discuss fees: 1% of each swap goes to https://t.co/YRGAhlNDki, plus a small portion of the trading volume after migration. They are distributed as follows:
– Part goes to the development fund for operations and growth.
– Part of the funds is allocated to the BONKsol validator, which provides the opportunity…— Letsbonk.Fun (@bonk_fun) April 25, 2025
Currently, the largest tokens on Letsbonk.fun are HOSICO ($30 million market cap) and LETSBONK ($5.3 million market cap).
“I expect the platform’s success will come as a surprise to many,” prominent user X theunipcs told CoinDesk in a Telegram message. The user is colloquially known as the “bonk guy” for his viral trade that turned $16,000 into $20 million at the peak of BONK futures trading.
“LetsBONKfun is taking a more innovative and simplified approach to launching memecoins, with a focus on ensuring that users and the Solana blockchain/ecosystem can capture a significant share of the value they create,” he added.
“Pump.fun has made over $600 million in fees since its launch just over a year ago. Imagine what even a fraction of that would mean for BONK in terms of pure buying pressure alone,” theunipcs noted.
According to data, BONK tokens have increased by 54% over the past week, with much of that growth occurring after Letsbonk launched on Sunday.
Various futures tracked by BONK are showing increases in open interest (or the amount of undisclosed futures bets), with the biggest jump being $170 million on Saturday, reaching more than $250 million as of Tuesday, indicating expectations for further price volatility.
