BONK, a Solana meme token, recently went on a surge that saw it pushing weekly gains above 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 falling in April. BONK, in particular, witnessed a 70% plunge in trading volume earlier in the month, a direct consequence of the waning interest at the time.
However, the recent conclusion of the Bitcoin halving event has seen BONK surging in the past week. Interestingly, this surge was intensified after a recent announcement of BONK burns and a listing on Revolut.
BONK Rallies After Burn Votes According to a social media post by the BONK Decentralized Autonomous Organization (DAO), members of the BONK communities voted in favor of burning 278 billion BONK tokens to mark a historic event for the crypto. As a DAO, anyone who holds BONK tokens can participate in decision-making by voting on proposals.
The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote.
With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP
— BONK DAO (@bonk_dao) April 24, 2024
The DAO noted that the proposal received over 418 billion votes in favor of the burn, which represented 99.9% of votes received. Interestingly, these tokens presented for burning were from the revenue received by the BONK DAO for BONKBot since its launch.
In another announcement, the BONK team announced on social media the listing of BONK on the Revolut app. This listing meant BONK will now be easily available to Revolut users in the European Union and other eligible countries. Although it is still only a meme coin, more exchange listings are likely on the horizon. Each new exchange brings greater access, visibility, and legitimacy to BONK.
In reaction to the announcement, the BONK price went on a 40% price surge from $0.00002011 to $0.00002829 in less than 24 hours, one of its biggest price increases this year.
What’s Next For BONK? Looking forward, the overwhelming amount of votes in favor shows the current sentiment among BONK holders. With over 99% of BONK holders voting in favor of a massive coin burn, it’s clear the community has faith in this meme coin’s future. While the voting and Revolut announcement led to a price surge for BONK, the crypto has since reversed and is now on an 8% correction in the past 24 hours.
At the time of writing, BONK is trading at $0.00002463, meaning the 278 billion tokens slated for burns are worth approximately $6.85 million. The crypto, however, is still up by 78% in the past seven days and is currently leading the meme coin market and Solana-based cryptocurrencies in terms of gains. DOGE, SHIB, PEPE, WIF, and FLOKI are up by 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
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.