Bonk (BONK) Drops 17% Despite Flaming Burn Rate

Bonk becomes 200 times more deflationary than Ethereum, but will it help maintain its market price?

Two light brown cartoon dogs play with a baseball bat bonk.
  • It took just eight days for the memecoin BONK to triple in value.
  • The suddenly emerged canine crypto is constantly airdropped on Solana.
  • On launch, the developers burned five trillion tokens to reduce supply.

The canine coin Bonk (BONK) emerged in the right place at the right time to rescue Solana (SOL), as the memecurrency brought a substantial amount of retail investors. Currently, the developers behind the memecoin are working on several new burning features.

For instance, a burn-dedicated hackathon and a dedicated burn tracking portal. Finally, Solana Mobile has announced that Bonk will play a key role in Solana’s inaugural edition of smartphones, possibly with a built-in burning mechanism via a crypto wallet.

BONK Battles SBF to Save Solana

In the newest episode of Streets Of BONK by Magnum AI, the Solana savior goes up against the downtrodden entrepreneur Sam Bankman-Fried, the infamous founder of the FTX crypto exchange. In the middle of the fight, SBF gives BONK a tough time when he levels up using stolen customer funds, thus transitioning himself from Sam Bankman-Fried to Mecha Fraud.

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Mecha Fraud’s superpower is to suck out the opponent’s crypto tokens and send them to Alameda Research. Ultimately, this strategy has been proven effective in real life, as the corrupt boss of FTX destroyed his crypto platform by sending siphoned customer funds to FTX’s sister company, managed by SBF’s infamous girlfriend, Caroline Ellison.

However, the canine coin came up on top after an intense fight in front of FTX headquarters. Last but not least, BONK the Solana Dog flies off in style, in a fancy spaceship, right after smashing the FTX logo to pieces.

Is BONK Ready for Another Bonkers Bull Run?

At press time, the 424th-ranked dog-themed cryptocurrency trades at $0.00000116, according to CoinGecko. The puppy coin has followed a protracted descent for two weeks, dropping by 17% in the last seven days and 27.6% in the last two weeks.

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What’s more, the 5.5% decline in $BONK’s price in the last 24 hours testify to the fact that regular burns and enthusiastic engagement from the SOL community might not be enough to maintain the newly-bred canine coin’s market price.

On the Flipside

  • Despite a few weeks in the red, Bonk had an unprecedented head start, shooting up by 4424% in eight days. In comparison, it took Shiba Inu 141 days since launch to triple its market value, while Dogecoin (DOGE) grew thrice in 1,253 days.

Why You Should Care

Due to fast adoption by both the crypto community and retail investors, Bonk contributed the most towards reviving Solana as the embattled altcoin plunged to single digits. Ultimately, the sudden emergence of BONK helped SOL restore several fundamental resistance levels.

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.