Solana Memecoin $BONK Burns 5 Trillion Tokens as Prices Plunge

The meme-inspired cryptocurrency that was recently launched on top of the Solana ($SOL) network, $BONK, has seen the team behind the project burn a total of 5 trillion tokens that were allocated to them, at a time in which the digital asset’s price is dropping.

In a tweet shared with the project’s nearly 100,000 followers on the microblogging platform Twitter, the team said $BONK “represents the best of Solana,” and added the community is “working together across the ecosystem to make positive change for all of us.”

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

The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb

— Bonk! (@bonk_inu) January 5, 2023

The team followed up with a tweet pointing to the transaction in which the 5 trillion $BONK tokens were burned. The token burn came after the cryptocurrency’s price started plunging after rallying around 2,000% shortly after launch.

The cryptocurrency’s community reacted positively to the move, which showed that the team behind the meme-inspired cryptocurrency isn’t dumping tokens on the market and decided instead to burn them by moving them to an address that isn’t under anyone’s control.

Notably, CryptoCompare’s latest Asset Report reveals that the 7-day average active addresses on the Solana ($SOL) ecosystem has surged from 378.2 million at the end of last year to 490.5 million as of January 7 representing an increase of 29.7% in so little time.

The increase is partly attributed to $BONK, which was airdropped to Solana NFT holders, effectively targeting the most active within the network, and to support from Ethereum co-founder Vitalik Buterin.

As reported, a former Goldman Sachs executive, Raoul Pal, is bullish on Solana. Pal said that Solana is “building a consumer chain” and has done deals with Meta, Google, Discord, and others, and has a store in Manhattan selling Solana merchandise.

He believes that the use of NFTs and other digital assets is only going to explode in the next few years and Solana reminds him of Ethereum back in 2018 when it was down 97% and nobody cared about it.

Image Credit

Featured Image via Bonk’s website

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