Surprising Token Burn Move From Developers of “New Dogecoin” BONK!

According to blockchain data, wither based memecoin project Bonk Inu’s (BONK) The developers behind it burned more than 5 trillion tokens, or 5% of the total supply, earlier on Friday.

With this move, it was claimed that all the funds reserved for the developers of the project were burned.

According to the claim of the Solana community, this step, this last move of this token with the slogan “for the people, by the people” was made in this context.

$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. pic.twitter.com/g7w62sdKhb

— Bonk! (@bonk_inu) January 5, 2023

BONK continues to stay on the agenda

The data shows that more than three million BONK transactions have been processed in the last three days, indicating the active participation of users. Singular token wallets, which were under 25,000 earlier this week, have risen to over 86,000 as of Friday.

However, the high rate of token sales interrupted the price rise of the coin. First traders take profits and like Bybit cryptocurrency The price of the token fell more than 40% during the day after exchanges opened BONK futures, prompting investors to open short positions.

The rapid rise of the popular Shiba Inu dog breed-centered Bonk Inu, which has launched popular projects like the Shiba Inu and Dogecoin, can be attributed to several factors.

Last week, Bonk developers airdropped 50% of the entire token supply to several Solana-based NFT collections and producers, creating an almost immediate excitement and market for the project.

Owners of a total of 297,000 individual Solana-based NFTs are said to have received the airdrop. Airdrop refers to the unsolicited distribution of a cryptocurrency token or coin to a large number of wallet addresses, often for free, and is often used as a tactic to gain users.

*Not investment advice.