Recently popular meme coin BONKcontinues to decline despite a large amount of token burning.
wither The $5 trillion supply of the meme coin BONK has been burned by developers. The developers announced that this burn was made to prevent the decrease in price.
After the token burn event, which removed nearly $1 million worth of BONK from circulation, the circulating supply of the meme coin fell by 5% to 94.16 trillion, according to data from Solana blockchain tracker Solscan.
$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.
NEWS CONTINUES BELOWThe 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb
— Bonk! (@bonk_inu) January 5, 2023
NEWS CONTINUES BELOW
Token burning is a standard process for reducing the supply of a cryptocurrency, which could, in theory, lead to an increase in the asset’s prices. Despite this, BONK reacted in the opposite direction.
BONK Price Continues to Decline!
According to data from CoinGecko, each BONK token was trading at around $0.00000244 at the time of the token burn. Since then, the token has lost about 12%. BONK is trading at $0.00000192 at the time of this writing.
In the last 24 hours, BONK has lost about 50% of its value despite the dev team burning tokens. Investing in crypto can often be a crazy journey. However, this is where BONK is up 2,015%. meme coinIt pales in comparison to ‘s weekly performance. BONK’s performance has also boosted Solana, which has risen about 35% over the week, despite dropping by about 2% in the last 24 hours.
Powerful User Activity!
Despite short-term negative price action, BONK recorded strong growth in user activity last week.
According to data from Dune Analytics, BONK has recorded more than 4 million transactions in the last three days; this figure appears to be slightly higher than the total amount of transactions processed by the Ethereum blockchain during the same period.
The number of daily active users (DAU) of the token has also increased over the past week. Nearly 15,000 users have interacted with the token in the last three days.
Daily active users, a dApp or cryptocurrency A metric used to monitor user activity associated with a unit. The higher the value, the greater the interest in the token in the market.
As we know as Koinfinans.com, at the time of writing, more than 103,759 wallet addresses are holding BONK tokens, a figure that has increased by 99.9% since December 25, 2022, according to data from Solscan.