Another Top Exchange Lists Solana's BONK, Dries Up SHIB And DOGE Volume

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All 5 Trillion BONK Burned By Developers, Signals Upcoming Solana Price Rally? – Crypto News

Published

3 years ago

January 6, 2023

Dripp

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The team behind the Solana-based meme coins Bonk Inu (BONK) burned 5 trillion tokens on Friday. This represents all BONK tokens that were allocated to the Bonk Inu team. Can the move restart the BONK rally seen in the last few days and will Solana price rebound to test the $15 resistance level?

BONK Team Burns 5 Trillion Tokens

Bonk Inu’s official Twitter handle on January 6 disclosed that 5 trillion BONK Tokens allocated to “The Team” have been burned. It sparks a discussion in the crypto community to either hold or sell the BONK tokens received in air drops, According to blockchain datathe burned BONK tokens represent 5% of the total supply.

The team behind the Solana-based meme token BONK represents the growth of the Solana ecosystem. The community will continue to work toward making positive changes for Solana. The ftx and the Alameda contagion caused people to lose confidence in Solana. The SOL price also fell below $10, but the recent BONK rally lifted the SOL price to over $14.50 with it.

“BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.”

The Solana community sentiment shifted to hold the token, considering the burn a step toward the legitimacy of the Bonk Inu project. The BONK calls itself a token “for the people, by the people” by actively avoiding insider token sales and predatory behavior.

The hype surrounding BONK saw over 3 million transactions over the past three days. Many crypto exchanges listed the token due to massive demand from the community.

Also Read: Here’s Why KuCoin Undelegated 48 Billion Terra Classic ($LUNC) Tokens

Can the BONK Rally Return?

The BONK price plummeted over 50% in the last 24 hours, with the current price trading at $0.00000199. However, the selloff came with low trading volumes. It indicates many users are still holding the tokens. The over 4000% rally has now declined to 2000%.

Meanwhile, Solana price has already started to move upwards. The SOL price is currently trading at $13.15 and is more likely to retest $14.50 amid a consequent rally in BONK.

Also Read: Bitcoin And Ethereum Bull Run Coming?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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