The Solana blockchain-based dog-themed cryptocurrency Bonk (BONK) shot up an astounding 43% in reaction to a larger rise in meme currencies and a plan for a large 280 billion token treasury burn.
As of this writing, BONK has increased by 41.82% over the previous day to $0.00002134 and by 35.83% over the preceding seven days. BONK’s 24-hour trading volume reached $431.53 million, a 391% increase.
BONK continued its three-day upward trend from lows of $0.00001357 on April 18 by rising to intraday highs of $0.00002192. BONK will have gained for four days in a row if today ends in the green.
A number of factors have contributed to the current spike in Bonk’s price, the most significant of which being the resurrection of meme currencies in the larger cryptocurrency market. Investors, looking for chances for huge gains, shifted their focus to initiatives inside the Solana ecosystem as interest in meme currencies increased.
It’s possible that a significant plan to burn 280 billion BONK tokens contributed to Bonk’s recent price increase in addition to the meme coin uprising.
The decentralised branch of BONK, BONK DAO, has received a request to burn 280 billion BONK from its Treasury, as announced in a tweet.
https://x.com/bonk_inu/status/1781663796181831842
BONK DAO plans to burn 278,393,137,215 BONK from its Treasury. This amount corresponds to 100% of the BONK that BONK DAO has generated since its start in late 2023 through its revenue-sharing agreement with BONKBot.
Solana’s Telegram trading bot, BONKBot, made its debut in November 2023. Every transaction is subject to a 1% charge from BONKBot, of which 10% is donated to the BONK DAO.
By burning earned BONK, BONK DAO will lessen the overall BONK supply while acknowledging the community’s want for a corresponding burn from the DAO, which is now carried out by BONKBot continuously.
The Bonk community is excited about the plan and sees the burn as a move in the right direction towards stabilising the coin’s market and encouraging growth. The excitement around the proposal’s acceptance has led to a purchasing frenzy and an increase in Bonk’s price.
