Bonk Inu (BONK) Burns Over 5 Trillion Tokens As Its Price Decreases By 50%

Key Points:

• Bonk Inu burnt almost 5 trillion tokens, or 5% of the entire supply, earlier on Friday.
• From January 5, 2023, to January 6, 2023, it has experienced a dramatic decrease from $0.000004825 to $0.000002066.

Developers behind the Solana-based memecoin project Bonk Inu burnt almost 5 trillion tokens, or 5% of the entire supply, earlier on Friday. The action claimed to have essentially burnt all tokens reserved for project developers.

As prices fell by roughly 50% in the last 24 hours, 5% of the token supply that is allocated to the team has been burned.

In the last 24 hours, CremaFinance exchanges and Gate.io have implemented bonk-based trading events and NFT mints, increasing the memecoin’s usability for traders and holders.

Over the last five days, over four million transactions were recorded, indicating that holders were actively participating.

From around 25,000 at the start of the week, the number of unique holding wallets has risen to over 72,000 as of Friday.

Large token sales, on the other hand, have slowed Bonk‘s price surge, which has already surpassed 2,000% in the last week. The tokens have dropped by 50% in the last 24 hours as early investors profited and crypto exchanges, such as Bybit, created bonk futures, which let traders gamble against the currency.

From January 5, 2023, to January 6, 2023, the token experienced a dramatic decrease from $0.000004825 to $0.000002066.

Several reasons have contributed to the rapid emergence of Bonk Inu, which is based on the iconic Shiba Inu dog breed and has inspired popular initiatives such as Shiba Inu and Dogecoin.

A market for the project was created almost immediately after its designers airdropped 50% of its entire token supply to a number of Solana-based NFT collections and producers last week.

The airdrop was reportedly given to 297,000 different Solana-based NFT holders. Airdrops are the uninvited release of a cryptocurrency token or coin, usually for free, to a large number of wallet addresses, and are commonly employed as a user-gaining strategy.

Additionally, Orca data indicated that the BONK/SOL coin pair has seen over $14 million in trading activity, while the BONK/USD coin pair has seen over $6.2 million. Both pools pay out roughly 1% every hour to liquidity providers, or more than 24% each day.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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