BONK Hits New Highs as Traders Anticipate Further Gains

BONK have increased by 28%, putting it ahead of other memecoins such as DOGE and SHIB.

When compared to its competitors, BONK is cheap, and technical analysis reveals that it has broken out of consolidation, which might lead to growth.

The goal of deflationary measures is to raise the value of BONK by burning 1 trillion tokens by December.

With the recent surge in bitcoin (BTC) prices and the addition of memecoins to popular exchanges like Coinbase and Robinhood, big cap memecoins are once again in the spotlight. BONK, for example, is riding high on the wave of increased trading activity and has set an ambitious token burn objective, propelling it to new heights.

With $3 billion in trading volumes, BONK, a pretty significant amount for the Solana-based dog coin, climbed 28% in the previous 24 hours, leading advances among majors and large cap memes.

Due to speculative trading centered on tales rather than technical support, community excitement, and viral marketing, the price of meme coins frequently grows rapidly.

Burning a Token

Additionally, there has been a dramatic increase in the number of BONK-related discussions in Solana circles, all with the goal of reducing the supply of tokens, which has led to price increases in the past.

In an effort to create a sense of scarcity and, maybe, drive up the value of bonk, the decentralized organization responsible for maintaining the currency, BonkDAO, destroyed 100 billion tokens from circulation not long ago and plans to burn a trillion tokens in December.

When tokens are "burned," or sent to an immutable crypto address, they are permanently removed from circulation.

Those burn tokens will come from Solana ecosystem apps that use BONK for a feature or functionalities.

Among the many uses mentioned by Bonk's X account in his tweets are burns for Dragontail bets, Christmas card sending via BONKmark, and LiveBonk exchanges.

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