Dog-themed tokens rise amid meme coin rally and Treasury burning proposal

According to U.Today, Bonk (BONK), a dog-themed token on the Solana blockchain, saw a significant rise of 43%. This increase is in response to a broader rally among meme coins and a proposal for a substantial treasury burn of 280 billion tokens. At the time of writing, BONK was up 41.82% in the last 24 hours to $0.00002134 and 35.83% in the previous seven days. BONK's 24-hour trading volume increased by 391%, worth $431.53 million.

Bonk's recent price surge can be attributed to several factors, primarily the resurgence of meme coins in the broader cryptocurrency market. As meme coins gained renewed interest, investors shifted their focus to projects within the Solana ecosystem, seeking opportunities for outsized returns. However, Bonk's recent price surge might not be solely due to the meme coin rally; It could also have been fueled by a major proposal to burn 280 billion BONK tokens.

BONK DAO, the decentralized arm of BONK, received a proposal to burn 280 billion BONK from its Treasury. The proposal suggests burning 278,393,137,215 BONK from your Treasury, representing 100% of BONK generated by BONK DAO under its revenue sharing agreement with BONKBot since its launch in late 2023. BONKBot is the trading robot of Solana Telegram, which debuted in November 2023. BONKBot charges a 1% fee on all transactions, of which 10% goes to the BONK DAO. By burning the obtained BONK, BONK DAO would reduce the total supply of BONK while recognizing the community's desire for an equivalent burning of the DAO, as BONKBot does on an ongoing basis.