Solana Network: BONK Burns 500 Billion Coins
The well-known meme coin on Solana, BONK, has surged by roughly 2000% since hitting a record low five days ago.
Solana's BONK has now consumed all 500 billion of its coins as its price continues to increase.
Solana As its price keeps rising, BONK has now burned all 500 billion of its coins.
Since reaching an all-time low five days ago, BONK, the popular meme coin on Solana, has increased by nearly 2000%. The meme coin, which last week assisted in driving up the price of Solana, just revealed that it had burned $5 billion worth of coins, maintaining market enthusiasm.
Half Trillion Supply Is Burned by Bonk
A little under half of Bonk's total token supply, or $1.2 million at the current price, had been burnt off, according to its official Twitter account. In terms of market valuation, the cryptocurrency is also crushing other coins. The currency has experienced double digit growth practically every day for the past five days, despite now being ranked close to 2500. The announcements of leading NFT projects DeGods and y00ts to relocate to Polygon and Ethereum caused alarm and raised questions about the reputation of Solana's native token SOL.
A significant sell-off of Solana Dog Coin may occur soon.
The token that the market is currently exaggeratingly hyping is not fully risk-free. Retail investors in BONK should be concerned because Dune Dashboard reveals that the top 20 holders control nearly 50% of the total quantity of coins. Justin Sun has previously tweeted that his cryptocurrency exchange Huobi would list the memecoin. Additionally, Bybit declared that it would list the cryptocurrency, giving it more credibility and increasing the visibility of this obscure memecoin. Currently trading at $0.000002124, BONK has increased by approximately 90% during the past 24 hours.
