Developers of BONK have burned their allocation of five trillion Solana-based meme coins in an effort to stem the token’s bearish momentum. This resulted in nearly $1 million worth of BONK removed from circulation.
Moreover, BONK’s circulating supply fell 5% to 94.16 trillion as per data from Solscan. The BONK team says the new token is the best for Solana and that their community is working together across the ecosystem to make positive change.
The token burn, a process to reduce the cryptocurrency’s supply, was to hike BONK’s price but nothing as such happened. In fact, it took a 12% dive. At the time of writing this article, BONK was trading at $0.000001566, down by 57.16% in the last 24 hours as per data from CoinMarketCap. However, it surged by 2,015% in terms of weekly performance.
The Dog coin has also lifted Solana which has surged around 35% on the week. BONK recorded strong growth in user activity over the past week and over four million transactions over the past three days.
