Originally perceived as a playful attempt to inject vitality into the Solana ecosystem, BONK has transcended its memecoin origins, emerging at the forefront of DeFi infrastructure with its BONKbot. This Telegram-based trading tool has memecoin snipers and shitcoin connoisseurs using it in droves. But why is it so popular?
The origins of Bonkbot
To understand the essence of BONKbot, it’s essential to meet the team behind it. The BONKbot team, self-proclaimed “soylana manlets,” immersed themselves in the world of crypto in 2021 during the OG Solana summer.
A special mention from the team goes out to MonkeDAO, the community where the BONKbot team initially connected. Through the highs and lows of the bear market, the camaraderie forged in this community went beyond a shared love for Solana. The team weathered the storm together, and when BONK launched in the midst of adversity, they saw an opportunity to give back to the culture that inspired them.
Trading on Bonkbot
Buying and selling on BONKbot is extremely seamless, even if you’ve never used a trading bot before. Simply locate the contract of the token you’re considering buying, enter it into the text field, and hit enter as if you’re sending a message. The bot will recognize the contract and proceed to bring up stats and information about the token, confirming its name, current price, market cap, along with personal info showing your available balance.
Below that, you’ll find a set of buttons, featuring a row of chart options. Clicking on these will open up the chart on sites such as birdeye.so for more in-depth analytics. Following the charts are buying options. You can customize these in your settings, setting a preferred quantity as a quick buy—such as a 1 SOL quick buy, which is then displayed as a convenient button. This saves you from typing it out each time. Alternatively, there’s the “Buy X SOL” option for those purchases that require manual entry. The process for selling a token mirrors that of buying, making it just as straightforward.
🤖Buying memecoins on Solana with @bonkbot_io is super fast and easy.
— SOLANA HABIBI (🦍,🦍) (@SOLANA_HABIBI) January 25, 2024
At first, navigating around the bot can be challenging for someone who is a beginner to Telegram trading bots. After some practice, it becomes easy enough to pick up. Each function and feature has its button clearly labeled, and by playing around with it, you can get a firm grasp on how it all works.
The stats displayed on your holdings are a nice feature, showing the percentage you are up or down on your trade, your initial buy-in, along with stats on how the token has performed over timeframes from 5 minutes up to 24 hours.
The auto-buy function, a hallmark of efficiency, empowers investors to execute trades swiftly. Additionally, the collaboration with Jito Labs introduces MEV protection, a sophisticated defense mechanism against those pesky botters who pounce on unsuspecting traders with high slippage or sluggish transactions.
The platform also offers a range of settings, including announcements, minimum position values, auto-buy functions, button configurations, and slippage settings.
Fee structure and referral earning
BONKbot operates on a carefully structured fee system, strategically redistributing transaction fees to various purposes that contribute to the overall health of the ecosystem. Notably, 10% of all fees are promptly burned, enhancing the scarcity of $BONK tokens and contributing to the token’s deflationary nature.
Furthermore, BONKbot features a referral scheme where 20% of all collected fees are directed. Successful referrals entitle someone to earn 30% of their friends’ fees in the first month, followed by 20% in the second month, and a consistent 10% thereafter.
As BONK sheds its memecoin image, BONKbot emerges as a pivotal tool for traders seeking advanced features and functionality. Whether you are a newcomer exploring the world of Solana or an experienced trader sniping and dumping on all said newcomers, delving into the capabilities of BONKbot offers something that can take a trader’s trading to the next level, all while earning rewards for doing so.
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