- 5% of the BONK token supply has been burned.
- The token has experienced a rise in daily active users during the past week.
- Solana community members have called the move an initiative towards Bonk Inu project’s legitimacy.
In a bid to stem BONK token’s bearish momentum, the developers of the Solana-inspired meme coin have burned their allocation of 5 trillion BONK tokens.
In the token burn event, BONK worth $1 million were removed from circulation. According to Solscan, the circulating supply of the token has shrunk 5% to 94.16 trillion.
$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.— Bonk! (@bonk_inu) January 5, 2023
The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb
Based on data from CoinGecko, each BONK token changed hands at $0.00000244 during the token burn event. After that, the value of the token lost 12% of its value and is now trading at $0.00000192.
BONK has lost over 50% of its value during the past 24 hours. However, as compared to the weekly performance of the coin, when BONK grew by 2,015%, it seems small.
Solana’s performance has been lifted owing to the performance of BONK. The former is up 35% in the week.
BONK had a powerful growth in the past week even after its short-term unfavorable price action.
In the last three days, BONK has recorded 4 million transactions, as per Dune Analytics’ data. The figure is a little higher in comparison to the entire amount of transactions that are processed in the same duration by the Ethereum blockchain.
During the last week, the daily active users of the token have increased. In the past three days, over 15,000 users have interacted with the token.103,759 plus wallet addresses have BONK tokens, which is a 99.9% rise since December 25,2022, as per Solscan.