Date: Monday, July 15, 2024, 05:25 AM GMT
In the cryptocurrency market, Bonk $BONK , a Solana-based memecoin, has experienced a significant surge. Over the past 24 hours, BONK has risen by 4.43%, trading at $0.00002445 and boasting a market capitalization of $1.16 billion.
This impressive price increase follows recent burn activity announced by BONK DAO. On X (formerly Twitter), BONK DAO revealed that a proposal to burn approximately 84 billion BONK tokens from its treasury had been approved and executed. This proposal stemmed from BONKBot's transfer of these tokens to the DAO during the second quarter.
With this burn, BONK DAO has reduced the overall supply of BONK tokens, a move that often drives up the price due to increased scarcity. Additionally, all BONK tokens locked in BonkRewards are now eligible to participate in community proposal voting, further engaging the community and solidifying the token's utility.
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