Ponke (PONKE): another PEPE copycat in a new "wrapper"

What is Ponke?

Ponke is another memcoin based on the Solana blockchain, which has already become one of the leading ones for issuing this kind of assets in 2023-2024 after the success of the first memcoin representatives such as:

BONK,
BOOK OF MEME (BOME) and others.

PONKE token, which is in SPL format, went public on December 25, 2023. In just 24 hours, it gained 10,000 users, and a week after listing, its capitalization reached $160 million, which is not a bad indicator for memcoin.

A total of 555 555 555 PONKE was issued; almost all tokens are traded on the crypto market. In addition, PONKE has a built-in token-burning mechanism.

The character Ponke (described by the creators themselves as a "badass player with anger issues"), on which the token of the same name is based, is a meme monkey that looks like the world-famous Pepe, the frog. Apparently, the creators wanted to distinguish themselves from other meme projects on Solana in this way since the most common meme characters are dogs, cats, and frogs.

What makes Ponke different from many other memcoins?

A distinctive feature of memcoins is that they have become community-oriented. Because memes are a purely social phenomenon, Twitter (X), Telegram, and specialized forums and media outlets control everything in this segment.

At the same time, a widespread phenomenon for memcoins is the lack of use cases (utility). Many meme token creators do not reveal their identities or even release a Whitepaper, launching a site with minimal content. Often, you can't even find information about what the token was created for and the team's plans.

However, this is not the case with Ponke, as the team of its creators presented options for its use from the very beginning, one of which was to integrate the token into various projects in the Solana ecosystem, such as a Play-to-Earn (P2E) game and a platform for launchpads (token launches). In addition, PONKE is also traded on major DEX exchanges such as:

Jupiter,
Raydium,
Orca.

At the same time, PONKE does not differ much from other typical representatives of the memcoin segment: the website is straightforward. It contains minimal information, no detailed tokenomics, no own product that could use the token, and no Whitepaper.

Strengths and weaknesses of PONKE

It is difficult to highlight PONKE's strengths because this memcoin is a typical representative of its segment: neither worse nor different. The future success of the token depends mostly on how strong the trend for memcoins in the Solana ecosystem will be: if the hype subsides, even the leading meme tokens will gradually fall in price, and there is nothing to say about the rest.

But PONKE, like any other memcoin, has plenty of weaknesses:

Intense volatility: memcoins can rise in value dozens and hundreds of times in a short period while the hype around them continues. However, as a rule, this hype fades quickly, and the meme tokens themselves may as well start to plummet downward;
Fraud risks: nothing is known about the creators of PONKE, and the smart token contract is unverified, so there are no guarantees that the team won't simply commit a rag pool or issue a large number of additional tokens and sell them around the market;
Few use cases: for prospects, it is essential to support the ever-growing demand for the token by providing users with in-demand decentralized products that could use the PONKE memcoin, but so far, this is not the case;
Little information about the project and the token itself: no one but the team itself knows about plans for Ponke;
Too close connection to the ecosystem alone: as long as Solana is a popular platform, the demand for many of its tokens will be high, but in case of a drop in user interest, memcoins based on it may collapse instantly.

Hence, we can conclude that the PONKE memcoin is a very high-risk asset but has excellent potential returns if successful. As of August 2024, PONKE is the 6th largest memcoin in the Solana ecosystem, which means that if positive, it has a high chance of growth in the foreseeable future under favorable conditions in the crypto market.