Bonk (BONK) Drops 35% in a Day Despite Trillions of Coins Burned

BONK went through the roof on launch, but can the dog-themed memecoin stay prominent on Solana’s blockchain?

Shiba Inu BONK another Shiba Inu.
  • Canine memecurrency Bonk (BONK) skyrocketed by 4424% just a week ago.
  • The sensational dog-themed crypto boosted Solana (SOL) back above $15.
  • Bonk-inspired NFT collection Bonkz sold out in a matter of hours yesterday.

Emerging out of nowhere a couple of weeks ago, the newly-bred canine memecoin Bonk heavily contributed towards reviving Solana. The mysterious memecurrency generated a ton of social mentions for Solana’s Ecosystem. At the same time, the blockchain developers disclosed that Bonk might play an important role in Solana’s upcoming smartphone brand.

Furthermore, the official Solana Mobile profile on Twitter announced that five million Bonk tokens would be set aflame with every Solana Saga pre-order. On top of that, there will be another five million Bonk tokens airdropped to the same wallet address used to pre-order the phone.

Can BONK Burns Stop the Price Slippage?

Solana’s initiative to burn the canine memecoins is not the only one. OMNICreative, the Web3 art company that launched the Bonkz NFT collection, also burned many Bonk coins made from NFT revenue. Indeed, Bonkz NFT upset the crypto apple cart with 15,000 dog-themed profile pictures selling out in less than two hours. Bloomberg TV acknowledged that the Solana-based Bonkz NFT collection is the biggest hit in the crypto sphere in 2023 so far.

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NFT enthusiasts went bonkers once Bonkz NFT collection dropped and instantaneously topped ABC, y00ts, DeGods, and other well-known NFT collections on Solana’s blockchain. The creators of the Bonk-inspired NFT collection set aflame a staggering 13,900,000,000 Bonk tokens after the initial sale finished. In addition, the community is working on an ultimate bonfire – the open-source code for tracking and logging $BONK burns. Thus, the burning activities are meant to maintain Bonk’s market value long-term.

Despite the support from the Solana community, the “for the people, by the people” cryptocurrency plummeted by 35% in the last 24 hours. At press time, the Bonk is priced at $0.00000110, according to CoinGecko.

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Meanwhile, the roller coaster ride for the puppy memecoin continues, with many crypto traders acknowledging that the accelerated money inflow into Solana’s blockchain is mostly thanks to $BONK. As a result, some crypto enthusiasts intend to hold Bonk until 2024. If the new memecoin follows the pattern of the Shiba Inu (SHIB) token since SHIB’s early stages, the long-term holding challenge can generate a substantial yield.

On the Flipside

  • ‘Bonked by Jaylene,’ another NFT collection taking inspiration from BONK, also quickly sold out.
  • The particular NFT collection also contributed towards burning another 1.2 billion BONK.

Why You Should Care

Bonk ignited a rebound bull rally for Solana, making the embattled altcoin restore its crucial resistance levels and significantly increase its global market cap.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.