The Bonk Decentralized Autonomous Organization (DAO) has carried out the much-anticipated token burn, burning over a trillion BONK tokens. This offers a bullish outlook for the highest Solana meme coin, though its worth has but to react to this improvement.
Bonk DAO Burns 1.69 Trillion BONK
Onchain data exhibits that the Bonk DAO has burned 1.69 trillion tokens by the multi-sig pockets right this moment. The official X account additionally confirmed this token burn.
This token burn was carried consistent with the much-anticipated “BURNmas” event. Initially, 1 trillion tokens have been meant to be burnt. However, the group revealed that an amended vote was handed, resulting in the 1.69 trillion token burn from the multi-sig pockets.
The whole provide of the Solana meme coin is now 91 trillion tokens, down from the unique 100 trillion tokens. Token burns sometimes present a bullish outlook for the coin. This might result in a provide shock, which might make BONK extra beneficial.
The token burn can be well timed, contemplating that the meme coin is dealing with added competitors for the highest Solana meme coin spot following the PENGU token launch. The PENGU price recently rallied over 18%, overtaking BONK and Dogwifhat within the course of.
Price Fails To React
The BONK worth didn’t react to information of the 1.69 trillion token burn, because the Solana meme coin is down over 8% within the final 24 hours. This means that the information of the token burn was already priced in prior to now.
Regardless of the meme coin’s present worth motion, some analysts are nonetheless assured about BONK’s long-term potential. In an X submit, crypto analyst Unipcs, a.okay.a ‘Bonk Guy,’ stated that the coin is “unarguably” the strongest meme coin on Solana.
The analyst additionally alluded to the token burn. He remarked that the top Solana meme coin can now be described as “hyper deflationary” with the token burn.
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