BONKbot volumes rise as the memecoin’s DeFi uses grow

BONK’s DeFi applications show tech being built around the Solana memecoin


BONK and Adobe modified by Blockworks


BONK became the latest dog-themed coin to see parabolic returns this month, buoyed by viral interest among crypto traders and holders. 

But this particular memecoin seems to be gaining technological infrastructure.

The team behind BONK also released a trading bot that, according to available market data, owned more than 70% of the volume created by decentralized exchange (DEX) bots every day for the past week. This activity created roughly $4.8 million in fee revenue in the time frame. 

Read more: Dog coins are back: BONK leads Dogecoin, Floki and Shiba with 1400% rally

The so-called BONKbot’s fees over the past 24 hours are on par with those generated by well-known DeFi protocols Aave and Curve. 

When BONK debuted on Christmas Day 2022, it was viewed as a fun attempt to renew interest in the Solana ecosystem. But BONKbot’s recent prowess suggests that the memecoin’s developers may have bigger plans.

“BONK might just be a tech company wrapped in a memecoin after all,” Blockworks Research analyst Dan Smith said of BONKbot’s revenue on X. 

Loading Tweet..

Priced at a fraction of a cent, BONK’s recent price chart reads like a magnified version of Solana’s. BONK’s price rose by 227% in the past month as Solana (SOL) gained 73%. As Solana’s momentum slowed more recently, BONK followed suit. 

Solana is up 9% in the past week, while BONK shed a quarter of its price

BONKbot’s elevated usage is being driven in part by BONKmas, a rewards promotion whereby users receive rewards for depositing at least one SOL token into the trading bot. 

To be clear, the technology underlying BONK isn’t revolutionary. Its growth strategy so far has largely been focused on integrating with established platforms where BONK can be bought on exchanges or moved around the DeFi ecosystem.

As for BONKbot itself, the tool has an auto-buy function that lets investors trade slightly faster. It partnered with Jito Labs to create maximal extractable value (MEV) protection to keep buyers from receiving a worse price due to slippage or slow sending. 

Read more: What to know about Jito’s $165M JTO airdrop

These functions aren’t new to crypto by any means. But they are real pieces of trading technology that require real developers working with the token.

Developers outside of the BONK team launched BonkSwap in April as a community-centric DEX. Liquidity providers can receive escrowed BONK tokens on certain pools in the DEX, and BonkSwap developed a one-minute futures betting game called BonkOrBust. 

Despite a recent slowdown, BONK’s price has greatly increased overall in the past two months to make it a top-100 digital asset by market capitalization

And even if it’s not at the bleeding edge of crypto tech, the fact that any BONK tech exists suggests it may defy the memecoin stereotype. 

“It gets viewed as a memecoin, but it’s more akin to a traditional protocol token,” Smith said.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million