The team behind the Solana-based meme coin Bonk Inu (BONK) burned 5 trillion tokens on Friday. This represents all BONK Tokens allocated to the Bonk Inu team. Can the move restart the BONK rally of the past few days and will Solana price recover to test the $15 resistance level?
BONK team burns 5 trillion tokens
Bonk Inu’s official Twitter account on January 6 revealed Which 5 trillion BONK tokens assigned to “The Team” have been burned. It sparks a discussion in the crypto community to hold or sell the BONK tokens received in airdrops. According to blockchain data, the 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 for positive change for Solana. The contamination with FTX and Alameda caused people to lose trust in Solana. The SOL price also fell below $10, but the recent BONK rally pushed the SOL price above $14.50.
“BONK represents the best of Solana. Our community is working together across the ecosystem to bring about positive change for all of us.”
Solana community sentiment shifted to hold on to the token, as the burn was a step toward legitimacy for the Bonk Inu project. The BONK calls itself a token “for the people, by the people” by avoiding active token sales and predatory behavior.
The hype around BONK resulted in more than 3 million transactions in the past three days. Many crypto exchanges have listed the token due to the huge demand from the community.
Also Read: Here’s Why KuCoin Undelegated 48 Billion Terra Classic ($LUNC) Tokens
Can the BONK Rally return?
The BONK price plummeted more than 50% in the last 24 hours, with the current price at $0.00000199. However, the sell-off came with low trading volumes. It indicates that many users are still holding the tokens. The rally from over 4000% has now dropped to 2000%.
Meanwhile, the price of Solana has already started to rise. SOL price is currently trading at $13.15 and is likely to retest $14.50 amid a resulting 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 quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post All 5 Trillion BONK Burned By Developers, Signals Upcoming Solana Price Rally?
was published first on https://coingape.com/all-5-trillion-bonk-burned-by-developers-signals-upcoming-solana-price-rally/
