๐จ BONK Price Surges 10% As Treasury Proposes 84B Token BurnBONK Price Surges 10% As Treasury Proposes 84B Token Burn ๐จ
PRICE HAS SOARED 101%; HODL or Sell?
HIGHLIGHTS
BONK price jumps 10% to $0.00002391 after 84B token burn proposal, boosting market cap to $1.64 billion.
Trading volume for BONK spikes 169% to $483M following token burn news, indicating strong investor interest.
BONK's MFI at 53.22 and RSI at 57 signal sustained bullish momentum, aiming for a new target of $0.00003600.
BONKโs price was bearish in the early hours of the day before support was established at the intra-day low of $0.00002. However, with the announcement of the treasury proposing an 84 billion token burn, the digital asset witnessed a 10% surge, reshaping investor sentiment and market trend.
BONK Token Burn Announcement Spurs Market Rally
After a slow early morning, BONKโs price surged in response to the treasuryโs revelation of a large token burn. The planned 84 billion tokensโ removal from circulation to decrease the token supply prompted a rise in the market capitalization by 10% to $1,640,663,484 and a sharp price increase. At press time, BONK was trading at $0.00002391, a 10% surge from the intra-day low.
This strategy is part of a broader effort to enhance token scarcity and increase its value over time. This can be considered as the turning point for BONK since decreasing the supply is usually positive for the investors. This burn according to the announcement represents the q2 amount of BONK sent to the DAO from BONKBot.
