Origin unknown for certain.
Possibly derived from the Wolof word "xonk" (pronounced like "honk," but with a guttural H at the beginning), meaning "red." Wolof people in West Africa sometimes call white people "xonk-nopp," or "red-ears." It has been speculated that first generation Wolof-speaking slaves may have popularized this term.
Skeptics might point out that the most slaves came from south-west Africa and further east in West-Africa than Senegal, where Wolof people live.
However, many slaves passed through Goree' Island, near Dakar, the largest Wolof city. So the term could have been popularized there.
Also, the Wolof language, having developed as a trade language, is relatively easy to pick up in its most basic form. It is also a rather staccato and crisp language, which might make it easier for non-speakers to pick up on particular words. Lastly, Wolof is spoken in a way that seems unnecessarily aggressive, even when its not intended to be. (The Wolof are sometimes referred to as the "Germans of Africa") This all might tend to make make a derogatory Wolof word catch on relatively faster than a similar Mandink or Ibo word among a multilingual group like first generation slaves.
Lazy thief honkey doesn't want to work, but I have to do all the work. He just wants to sit. His ears are red because God hates him.
honkey: *looks around for a cop* if he finds out it will be a
tough remark, if no officers are around he may not even look at u eye to eye. Honkeys watch MMA and put decals on their vehicles but in the end honkeys are and always will be posers when it comes to street life.