The development team behind the Solana-based memecoin project – Bonk Inu (BONK) – has revealed burning over 5 trillion tokens, or 5% of the total supply.
The blockchain data confirmed the process, which saw nearly $1 million worth of BONK removed from circulation.
- As a result, BONK’s circulating supply declined by 5% to 94.16 trillion. Updating the same, the devs tweeted,
“BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us. The 5 Trillion $BONK tokens allocated to “The Team” have been burned.”
- BONK has managed to garner support from both centralized exchanges and decentralized applications over the past day, such as Gate.io and CremaFinance.
- Other Solana-based NFT marketplaces and gaming sites have also introduced bonk-based trading events and mints, further boosting the meme coin’s utility for holders and investors.
- In a span of less than two weeks, the Bonk ecosystem has raked in over 50 integrations.
- Further data showed that BONK saw three million transactions over the past three days, demonstrating active participation from holders, which surpassed that of Ethereum as well.
- As of January 6th, the unique BONK holding wallets increased to more than 86,000 from below 25,000 at the beginning of this week.
- Token burning is a process in which a major portion of coins is removed or “burned” from circulation indefinitely. This move essentially creates an imbalance in relation to demand that triggers an upward price action of the token because of the asset’s increased scarcity.
- However, BONK has defied the norm and instead lost more than 56% of its value over the past day and was currently trading at $0.000001512, suggesting investors pocketed significant profits as crypto platforms launched bonk futures, enabling traders to bet against the token.