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Bonk (BONK), a meme token on the Solana blockchain, surged 43% following a rally in meme coins and a significant treasury burn proposal to eliminate 280 billion tokens, signaling renewed investor enthusiasm and potential market stabilization.
Bonk Token Jumps 43%, Driven by Meme Coin Rally and Major Treasury Burn Proposal
Bonk (BONK), a dog-themed token based on the Solana blockchain, soared 43% in response to a broader rally among meme coins and a proposal for a massive treasury burn of 280 billion tokens, as per U.Today.
At the time of writing, BONK has risen 41.82% in the previous 24 hours to $0.00002134 and 35.83% in the previous seven days. BONK's 24-hour trading volume has increased 391%, totaling $431.53 million.
BONK rose to intraday highs of $0.00002192, extending a three-day rally from lows of $0.00001357 on April 18. If today's closing price is positive, BONK will have gained for the fourth day.
Bonk's recent price increase can be ascribed to various factors, the most notable of which is the resurgence of meme coins in the broader cryptocurrency market. As meme coins regained popularity, investors focused on projects within the Solana ecosystem, looking for potential for large returns.
Bonk Coin Surges Amid Proposal to Burn 280 Billion Tokens, Boosting Investor Interest
Bonk's recent price increase may not have been simply due to the meme coin rally; it could also have been spurred by a significant proposal to burn 280 billion BONK tokens.
As announced in a tweet, BONK DAO, BONK's decentralized arm, has received a proposal to burn 280 billion BONK from its Treasury.
BONK DAO intends to burn 278,393,137,215 BONK from its Treasury, accounting for 100% of the BONK generated by BONK DAO under its revenue-sharing agreement with BONKBot since its establishment in late 2023.
The Bonk community has received the idea well which sees the burn as a positive move toward stabilizing the coin's market and encouraging growth. As the concept awaits approval, the expectation has fueled a purchasing frenzy, driving Bonk's stock higher.
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