5 Trillion BONK Burned as the BONK Crypto Price Falls
Despite the team’s enormous token burn, the price of BONK, a Solana-based meme coin with a Doge motif, continues to fall.
In an effort to stop the token’s downward pace, the makers of the Solana-based meme coin BONK torched their 5 trillion BONK tokens early on Friday. Solana block explorer Solscan reports that after the token burn event, the total supply of BONK decreased by 5% to 94.16 trillion, saving over $1 million in transaction fees.
$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
Token burning is a common method for decreasing the total supply of a cryptocurrency, which, in theory, might boost its value. But BONK reacted in a different way.
BONK price continues to decline
Based on trading activity on CoinGecko, the last known price for one BONK token was 0.000000244 dollars at the time of the token burn. As of this writing, the token has lost around 12% of its value since then, trading at $0.00000192.
BONK has lost approximately 50% of its value over the past 24 hours, despite the token burn by the development team.
This is nothing compared to BONK’s 2,015% weekly increase, which is the performance of the meme currency. Solana, thanks in part to BONK’s success, is up over 35% on the week (although it has down about 2% in the last 24 hours).
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High user activity
BONK’s user activity increased dramatically over the previous week despite its negative price movement in the near term.
Dune Analytics reports that over the past three days, BONK has completed more than 4 million transactions, a number that is slightly greater than the total number of transactions processed by the Ethereum blockchain over the same time period.
The token’s DAU has also been growing over the previous week. In the previous 72 hours, the token has been used by nearly 15,000.
The number of “daily active users” is a metric used to measure the amount of use a decentralized application (dapp) or cryptocurrency receives on a daily basis. A higher price indicates that there is a greater demand for the token on the market.
According to data provided by Solscan, the number of wallet addresses holding BONK coins has increased by 99.9 percent since December 25, 2022, when it stood at around 103,759.
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