The hot meme coin on Solana – BONK- is up over 2000% since its all-time low five days ago. The meme coin that helped boost Solana price last week, announced that it has burned five billion coins, maintaining its hype in the market.
Bonk Burns Half Trillion Supply
According to its official Twitter handle, Bonk has burned off nearly half a trillion of its entire token supply worth $1.2 million at its current price. The token is bulldozing through other coins in terms of market capitalization as well. Though currently ranked nearly around 2500, the coin has recorded double digits gains almost every day in the last five days. Solana’s native token SOL found itself in deep trouble after top NFT projects, DeGods and y00ts, announced to migrate to Polygon and Ethereum, causing panic and doubt over its reputation.
WE BURNED 1 BILLION BONK TOTAL TODAY pic.twitter.com/XDHP2YzXzu
— degen poet (@degenpoet) January 4, 2023
Solana Dog Coin Could Soon See A Massive Sell Off
The token that is currently being hyped out of proportion in the market is not completely risk free. Dune Dashboard shows that the top 20 holders of BONK account for about 50% of the total coins’ supply, which should raise an alarm among its retail investors. Earlier, Justin Sun also announced in a Tweet that his crypto exchange Huobi is going to list the memecoin. Bybit also announced to list the cryptocurrency, giving it more legitimacy and providing more exposure to this obscure memecoin. At the time of writing, BONK is up over 90% in the last 24 hrs trading at $0.000002124.
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