The Devs of Bonk Inu have burned all the tokens originally intended for them

The development team behind the Solana-based memecoin project – Bonk Inu (BONK) – has revealed that it is burning more than 5 trillion tokens, or 5% of the total supply.

Blockchain data confirmed the operation, which saw nearly $1 million worth of BONK removed from circulation.

  • As a result, the circulating supply of BONK decreased by 5% to 94.16 trillion. Update the same developers chirpAnd

“BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us. $5 trillion in BONK tokens awarded to ‘The Team’ burned.”

  • BONK has been able to gain support from both centralized exchanges and decentralized applications over the past 24 hours, such as and CremaFinance.
  • Other Solana-based NFT marketplaces and gaming sites have also offered bonk-based trading events, adding to the benefit of meme coins for owners and investors.
  • In less than two weeks, the Bonk ecosystem has accumulated more than 50 integrations.
  • additional data show up That BONK has seen three million transactions in the past three days indicates active participation from its holders, which also exceeds that of Ethereum.
  • On January 6th, BONK unique wallets increased to more than 86,000 from less than 25,000 at the beginning of this week.
  • Burning tokens is a process in which a significant portion of coins is removed or “burned” from circulation indefinitely. This move essentially unbalances the demand which leads to an upward price movement of the token due to the increasing scarcity of the asset.
  • However, BONK defied the norm and instead lost more than 56% of its value in the past day and is currently trading at $0.000001512, indicating that investors reaped big profits when crypto platforms launched BONK futures contracts, allowing traders to bet against the token. .

The post by Devs of Bonk Inu that initially burned all custom tokens appeared first on CryptoPotato.

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