BONK, a Solana meme token, recently saw a spike that pushed its weekly gains past 70% after community members voted in favor of a burn proposal. Recent market dynamics have seen the value of BONK, along with the majority of meme coins drop in April. Bonk, in particular, witnessed a 70% decline in trading volume earlier in the month, as a direct result of the decline in interest at that time.
However, the recent completion of the Bitcoin halving event sent BONK higher last week. Interestingly, this increase has intensified following the recent announcement of BONK Burns and its listing on Revolut.
BONK rallies after burning votes
According to a social media post by the BONK Decentralized Autonomous Organization (DAO), members of the BONK communities voted to burn 278 billion BONK tokens to celebrate a historic cryptocurrency event. As a DAO, anyone holding BONK tokens can participate in decision-making by voting on proposals.
The BONK DAO community's proposal to burn 278,393,137,215B BONK has been passed by a council vote.
With approximately 5% of the supply in https://t.co/UN7NfId560 We are excited to integrate Armada and Realms to allow for community management and voting with BONK in the future! pic.twitter.com/N3D8fjneEP
– Bonk Dao (@bonk_dao) April 24, 2024
The DAO noted that the proposal received more than 418 billion votes in favor of burning, representing 99.9% of the votes received. Interestingly, these tokens provided for burning were from the revenue received by BONK DAO for BONKBot since its launch.
in Another adThe BONK team announced on social media the inclusion of BONK in the Revolut app. This list means that BONK will now be easy Available for Revolut users In the European Union and other eligible countries. Although it is still just a token, there will likely be more exchange listings on the horizon. Each new exchange brings greater reach, visibility and legitimacy to BONK.
In response to this announcement, the price of BONK rose 40% from $0.00002011 to $0.00002829 in less than 24 hours, one of the largest price increases this year.
What's next for BONK?
Looking to the future, the huge number of upvotes shows the current sentiment among BONK holders. With over 99% of BONK holders voting in favor of a massive coin burn, it is clear that the community has confidence in the future of this coin. While the vote and Revolut announcement sent BONK prices soaring, the cryptocurrency's trend has since reversed and is now in an 8% correction over the past 24 hours.
At the time of writing, BONK is trading at $0.00002463, meaning the 278 billion tokens allocated to the burn are worth approximately $6.85 million. However, the cryptocurrency is still up 78% in the past seven days and is… Currently the leader in the meme currency market And Solana-based cryptocurrencies in terms of gains. Doug, GrayPEPE, WIF and FLOKI prices rose 2.5%, 13.1%, 50% and 20% respectively in the same time frame.
Price drops amid falling sentiment | Source: BONKUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com