Traders celebrate massive token burn as Bonk holds near record-high
Following a weekly surge of almost 100%, Bonk reached a new record high of $0.000056
A meme currency centered on dogs has announced that one trillion tokens would be burned before Christmas.
On Sunday, BONK's trading volume hit 2.67 billion, and according to the technical analysis, the price is expected to continue rising, perhaps reaching a new high of $0.000062.
What is the Significance of Web3 Social Networks? Possibilities and Future Outlook
Decentralization
With the use of blockchain technology, Web3 social networks may function decentralizedly. Users get more agency over their data and their ability to withstand censorship as a result of this.
User-Friendly Data Security
In contrast to the centralized server architecture of conventional social networks, Web3 networks use a distributed architecture to store user data. Better data protection is achieved by reducing security threats.
Distribution of Earnings and User Benefits
Users' contributions in Web3 social networks may be rewarded with tokens. A more egalitarian online space may be achieved when content producers are allowed to directly profit from their interaction.
Governance by the People
Decentralized autonomous organizations (DAOs) are a common building block for Web3 projects because they let users have a say in project decisions. The community gains more agency and property rights under this arrangement.
Independence and Openness
All transactions and decisions made by Web3 networks, which operate on the blockchain, are publicly visible. More trust from users is cultivated by this openness.
Possibilities and Future Outlook
Web3 networks are well-positioned to become a major player in the social media landscape going forward because to improved user autonomy, income sharing, and resistance to censorship. These networks may develop to attract more viewers and eventually become popular as funding and interest increase.