Solana Bonk memecoin burns 5 trillion tokens after pumping 2000%

share to other networks share to twitter share to facebook
bonk
Thumbnail for video

5 trillion Bonk tokens have been burned from the total supply.

With 5% of the total supply gone, Bonk plunged 53% following a 7-day price rally that increased the token's price by 2000%.

Advertisement

The Bonk community appreciated the burn and complimented the team on their commitment to the growth of the Bonk community.

Bonk, the biggest memecoin on Solana has burned 5 trillion tokens

The Bonk team announced on the official Bonk Twitter account that 5 trillion tokens had been burned and provided proof of the transaction.

The 5 trillion tokens were allocated to the Bonk team; burning them demonstrates that the team isn't looking for profits and is dedicated to Bonk's mission of being a community coin "for the people."

Advertisement

Following the burn, Bonk fell 53% from an all-time high of $0.00000487.The impending crash was anticipated after the Solana community and Bonk traders became euphoric.

According to a Bonk community dashboard, the coin processed more transactions than Ethereum in the last three days. As a result of Bonk’s success, Solana’s native SOL token also had a short 7-day rally.

Advertisement

Exchanges such as Gate.io and Bybit are embracing Bonk and listing the token on their platforms. Both exchanges have introduced deposit campaigns to encourage Bonk deposits and trading. Bybit set up a 40 billion Bonk prize pool for depositors while Gate.io is offering a share of $20,000 in Bonk tokens.