The cryptocurrency market, after a turbulent period, saw memecoin projects gaining momentum first. Accordingly, Bonk, a dog-themed token based on the Solana blockchain network (BONK), experienced an impressive 43% rise in response to a broader rally among memecoin projects and a significant treasury burn proposal reaching a total of 280 billion tokens.
BONK Continues Its Rise
At the time of writing, BONK has reached $0.00002134, marking a 41.82% increase over the last 24 hours and a 35.83% increase over the previous seven days. BONK’s 24-hour trading volume increased by 391% with transactions worth $431.53 million. BONK continued its three-day rise from a low of $0.00001357 on April 18th to a daily high of $0.00002192. If it closes in the green today, BONK will celebrate its fourth consecutive day of gains.
The recent increase in Bonk’s price can be attributed to several reasons; the most important being the resurgence of memecoin projects in the broader cryptocurrency market. As memecoin projects regained interest, investors turned their attention to projects within the Solana ecosystem, seeking significant return opportunities.
What’s Happening on the BONK Front?
Bonk’s recent price increase may not only stem from the rise in memecoin projects; it could also be fueled by a significant proposal to burn 280 billion BONK tokens. As mentioned in a tweet, BONK DAO, the decentralized arm of BONK, received a burn proposal for 280 billion BONK tokens from its treasury.
BONK DAO, since its launch in late 2023, has proposed to burn 278,393,137,215 BONK, representing 100% of the BONK produced by BONK DAO under a revenue-sharing arrangement with BONKBot.
BONKBot, a Telegram trade bot introduced by Solana in November 2023, charges a 1% fee on all transactions, of which 10% goes to BONK DAO. BONK DAO will burn the earned BONK, reducing the total BONK supply and also accepting a matching burn process from the DAO, continuously conducted by BONKBot.
