BONK token surged 43% due to massive burn.

The recent surge is attributed to the renewed interest in the memecoin project.

BONK DAO plans to destroy 280 billion BONK tokens.

Memecoin projects were the first to gain momentum after a turbulent period in the cryptocurrency market. As a result, Bonk, a dog-themed token based on the Solana blockchain network (BONK), experienced an impressive 43% rise in response to a broader rally in memecoin projects and a major treasury burn proposal totaling 280 billion tokens.

BONK continues to rise

As of this writing, BONK has reached $0.00002134, up 41.82% in the past 24 hours and up 35.83% over the previous 7 days. BONK's 24-hour trading volume increased by 391%, with a trading volume of $431.53 million. BONK has continued to rise for three consecutive days, rising from a low of $0.00001357 on April 18 to a daily high of $0.00002192. If it closes higher today, BONK will usher in its fourth consecutive day of gains.

There are several reasons for the recent rise in Bonk’s price: The most important is the resurgence of memecoin projects within the broader cryptocurrency market. As memecoin projects have regained attention, investors are turning their attention to projects within the Solana ecosystem, seeking opportunities for significant returns.

Memecoin projects were the first to gain momentum after a turbulent period in the cryptocurrency market. As such, Bonk, a dog-themed token based on the Solana blockchain network (BONK), experienced an impressive 43% gain in response to a broader rally in memecoin projects and a major treasury burn proposal totaling 280 billion tokens.

BONK continues to rise. What happened on the BONK front?

BONK continues to rise

As of this writing, BONK has reached $0.00002134, up 41.82% in the past 24 hours and up 35.83% over the previous 7 days. BONK's 24-hour trading volume increased by 391%, with a trading volume of $431.53 million. BONK has continued to rise for three consecutive days, rising from a low of $0.00001357 on April 18 to a daily high of $0.00002192. If it closes higher today, BONK will usher in its fourth consecutive day of gains.

There are several reasons for the recent rise in Bonk’s price: The most important is the resurgence of memecoin projects within the broader cryptocurrency market. As memecoin projects have regained attention, investors are turning their attention to projects within the Solana ecosystem, seeking opportunities for significant returns.

What’s happening on the BONK front?

Bonk’s recent price surge may not only stem from the rise of the memecoin project; a major proposal to burn 280 billion BONK tokens may also be driving it. As mentioned in the tweet, BONK DAO, a decentralized fork of BONK, received a proposal to burn 280 billion BONK tokens from its treasury.

Since its launch in late 2023, BONK DAO has proposed to destroy 278,393,137,215 BONK, equivalent to 100% of the BONK produced by BONK DAO under its revenue sharing arrangement with BONKBot.

BONKBot is Solana’s Telegram trading bot launched in November 2023, charging a 1% fee on all transactions, 10% of which goes to BONK DAO. BONK DAO will burn earned BONK, reducing the total BONK supply, and receive a DAO matching burn process that is continuously executed by BONKBot.