Solana-Based Memecoin BONK Surges 92% After Community Burn Vote
A Solana-based meme asset has nearly doubled up after its community voted to burn its supply. The decentralized autonomous organization (DAO) for memecoin Bonk (BONK) has passed a proposal to reduce the token’s supply by billions, leading to a surge in its value.
Community Vote to Burn BONK Tokens
In a recent announcement on the social media platform X, the BONK DAO community revealed that they have voted to burn 278,393,137,215 billion BONK tokens, representing a significant portion of the total supply. This vote received overwhelming support from the community, with 99.9% of the votes in favor of the proposal.
- The community proposal aims to burn billions of BONK tokens to reduce the total supply.
- This decision was made to increase the value of the meme asset and align with community desires.
- The DAO will burn all BONK tokens earned from its revenue-sharing agreement with BONKbot, a Telegram-based bot.
Impact of Burning BONK Tokens
The DAO believes that by burning a significant amount of BONK tokens, the overall supply will decrease, potentially leading to a positive impact on the token’s value. This strategic move is intended to match the ongoing burns conducted by BONKbot, showcasing the community’s desire for a reduced token supply.
- The burning of BONK tokens aims to reduce the total supply, potentially boosting the token’s value.
- The DAO recognizes the community’s preference for a matching burn, in line with BONKbot’s practices.
BONK Price Action
Following the community’s decision to burn a significant portion of BONK tokens, the price of the memecoin experienced a notable surge. On April 19th, BONK was trading at $0.000013, and currently, it is trading at $0.000025, marking a substantial 92% gain in just a few days.
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Final Thoughts
The recent surge in the value of BONK memecoin following the community’s decision to burn a significant portion of the token’s supply showcases the impact of community governance in the cryptocurrency space. By aligning with the community’s desires and implementing strategic decisions, projects like BONK can experience substantial value appreciation in a short period.
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