🔥💥Solana-Based Meme Coin (BONK) Increased 43%, Here's the Main Reason
(#BONK ), a dog-themed token based on the #Solana blockchain, has surged an impressive 43% in response to a broader rally among meme coins and a proposal to burn an important treasure worth a total of 280 billion coins.
At the time of writing, BONK has risen by 41.82% in the last 24 hours to $0.00002134 and by 35.83% in the previous seven days. Bonk's 24-hour trading volume increased by 391% with transactions of $ 431.53 million.
BONK rose to an intraday high of 0.0000192, extending a three-day rise from an April low of 0.00002192 to 0.00001357. If he closes in green today, BONK will mark his fourth consecutive day in the Decider.
Bonk's recent price jump may not have been caused solely by the meme coin rally; it may also have been fueled by a significant offer to burn 280 billion BONK coins.
As mentioned in a tweet, bonk's decentralized arm, BONK DAO, has received an offer from its Treasury to burn 280 billion BONKS.
BONK DAO is offering to burn 278,393,137,215 BONK from its Treasury, which represents 100% of the bonk produced by BONK dao under the revenue sharing arrangement it has made with BONKBot since its launch at the end of 2023.
BONKBot is Solana's Telegram trading bot, which was released in November 2023. BONKBot charges a 1% fee for all transactions, and 10% of this goes to BONK dao.
By burning the earned bonk, the BONK DAO will reduce the total supply of BONKS, while acknowledging the community's desire to receive a proper burn from the dao, as is constantly done by the BONKBot.
The proposal was met with enthusiasm from the Bonk community, who saw the burning as a positive step to stabilize the coin market and stimulate growth. While the offer was awaiting approval, anticipation contributed to the buying spree by driving up Bonk's price.
