$BONKYO Sends And Free NFTs Teleport To 5 SOL

Written by Jason Krutzky, Chartered Meme Technician at Spot Trading.

As traders, staying on top of new metas isn't optional — it's the job. Some days it feels like five metas pop up before lunch. It’s exhausting. But if you want to succeed, you have to stay sharp — and this is how you do it.

I am constantly asking myself: "What are the degens up to right now? What are they talking about, what are they focused on, and how are they iterating?"

In this game, the whole goal is to skate to where the puck is headed — and do it fast.

Last night, I noticed it was moving. So I started skating.

Let me explain.

⛸ Skating To Where The Puck Is Going

One of my absolute favorite signals to ape into a new coin is when multiple, non-correlated accounts that I follow on X all start mentioning it at the same time. 

That’s usually a sign the idea is hitting different corners of the culture, which is what drives proliferation.

While I was eating dinner, my notifications started lighting up, and they were all pointing to a new coin called $BONKYO.

I didn't think twice. I searched it on Spot and hit buy.

Then I started digging into what I had just bought, starting with its X page. 

'A CULTURE COIN AND PFP MADE ON BONK', read their X header.

Interesting. A coin and an NFT, launched at the same time, on Bonk. This was a novel idea I'd not seen before, so I dug a little more.

Turns out, the coin was launched first, followed shortly thereafter by the NFT project. 

Holders of $BONKYO could mint the NFT for free, as could $USELESS, $ANI, and $LMEOW holders.

Of course, by the time I arrived at the minting page, the NFTs had minted out. I figured as much, so I jumped over to Magic Eden to have a look around. 

When I arrived on the BONKYO Magic Eden page, the NFT was trading at .25 SOL. Great, that's cheap. Let's get one. 

In the time it took me to connect my wallet and push the buy button for the NFT, the price had risen to .70 SOL. 

More signal.

For the next hour, I sat and watched as the NFTs and the coin started absolutely ripping. 

↗️ $BONKYO Sends And Free NFTs Teleport To 5 SOL

Within the first two hours of trading, the coin ran from 0 to a $5m market cap, gaining 6,900%. 

 

The NFT was rocking and rolling, too. From a free mint to 2.85 SOL per jpeg in the same period. Not too shabby for those who were super early to the coin and actually got to mint.

With the coin soaring and my position deeply in profit, I took some off to secure the gains and went to bed. I held the NFT overnight.

When I woke this morning, the coin was a double from where I had sold last night, trading at a $10m market cap, and later in the morning, it hit $12m before selling off.

The NFT had teleported, too, hitting an overnight high of 4.85 SOL. 

🛫 This Is New Territory

While this project is less than a day old and truly could do anything from here, let's consider what we learned. 

First, there is a new meta arising: Coin + NFT, released at the same time.

The early success of this $BONKYO project will absolutely lead to others attempting the same playbook, so be on the lookout for them. 

Next, the team gave a tangible reason to own the coin. A free NFT. This is a novel idea that I expect will be expanded upon. I don't know how, but again, be on the lookout for perks for buying newly launched coins. 

Another thing I found curious was that the coin and the NFT didn't trade in perfect lockstep. The coin put in new highs this morning while the NFT peaked overnight.

The NFT being the more 'rare' asset, I would have expected the collection to trade at a higher market cap than the coin, but that was not the case, and I think that's notable. 

Can the coin live on and the NFT die? Can the NFT live on and the coin die? I really don't know. 

These are all things I'm thinking about now. 

🧳 The Takeaway

As I always say, this space moves at lightning speed. 

If you missed $BONKYO, do not have fomo. There will be many more opportunities like it.

The key is to learn from this new meta and start hunting for projects that are iterating in cool new ways. 

If you want some intel on accounts I follow, you can hmu anytime, here. 

Happy hunting!