How DogeBonk works
DogeBonk is a BEP20 token built on the BNB Chain, a blockchain created by the Binance exchange. It's a fork of SafeMoon (MOON -10.87%), another crypto token that charges a tax on transactions and uses part of it to reward existing holders.
There's a 10% tax charged on all DogeBank transactions. Of that tax, 5% is redistributed to existing holders proportionate to the amount of DogeBank they have. Keep in mind that DogeBank also has a burn wallet, the inaccessible wallet where the founders sent 30% of the starting supply. That burn wallet receives its share of the static rewards, which means that the token supply is continually decreasing.
The other 5% of the tax is split 50/50. Half is traded for BNB (BNB +0.77%), and the other half remains DOBO tokens. These BNB and DOBO tokens are deposited to a liquidity pool on PancakeSwap (CAKE +1.44%). This adds liquidity to the market so that people will be able to trade.
Connections
Staying true to its brand, DogeBonk's initiatives tend to be meme-related. The biggest project made by the DogeBonk community is MemeTools. It provides data on smaller cryptocurrencies that may not have a listing on CoinMarketCap or CoinGecko yet. Its rug checker is also an interesting tool to identify crypto scams.
The DogeBonk community has put considerable effort into spreading the word. Besides their attempt to send the meme token to space, they've also put up a Times Square billboard for it and won Meme of the Year on Reddit.
Can I make passive income with DogeBonk?
You can make a form of passive income with DogeBonk. One of the main perks of holding DogeBonk is that you receive static rewards from every transaction. This doesn't require any effort on your part. If you have DOBO tokens, then you'll earn rewards.
Although this may sound like a good deal at first, remember that you'll be getting paid in DogeBonk, a cryptocurrency of questionable value. It's nothing like getting paid in cash. If the price of DogeBonk falls after you buy it, which is very likely, any passive income you make won't do you much good.
