- Solana’s meme coin community has unanimously voted to burn 84B BONK.
- BONK prices are falling as spot market liquidity decreases.
- SOL’s highest-priced coin is now nearly halfway to fully recovering its all-time high.
BONK, one of the oldest meme currencies on the Solana (SOL) network, is one of the hardest hit by the ongoing crypto storm. In the last 24 hours, BONK is down 13.76%, while its peers like Dogwifhat (WIF) and PEPE are also seeing double-digit losses over the same period.
Coming off the daily chart, the bulls in BONK have managed to pull back a bit after the bearish trend of the coin that lost 35% of its market value last month. Since July 8, 2024, BONK has recorded a 23% gain, forming a double top at $0.0000269, but has failed to break through the resistance.
With the volumes on the spot market decreasing and liquidity decreasing, BONK’s northward trajectory is currently lacking fundamental strength. However, the BONK community has just passed an important proposal, which is likely to change the dynamics of the Bonk coin.
84B Bongk Coins are removed from the supply
As crypto bulls prepare to defend the support cluster in the price range of $0.0000023 to $0.0000025, BONK’s overprint supply is likely to have a major impact on the long-term direction of this coin. BONK has received several large token burn contributions from its max supply of 93,526,183,276,778.
As a result, the remaining supply of BONK is capped at 69,323,849,993,769. The latest BONK burn proposal from the BONK DAO successfully passed the quorum with 954B voting points assigned to ‘yes’. With 99.5% of all BONK holders with voting power in the DAO approving this 84 billion burn proposal, executing this proposal will eradicate $2 million worth of BONK from circulation.
At the time of writing, BONK is trading at $0.00002291 and has a global market cap of $1,572,674,739, according to CoinGecko. With the spot market slowing down, the bullish takeover of Bonk is expected to be delayed further, as the coin’s Chaikin Money Flow (CMF) index is below 0, suggesting stagnant money flows.
On the other side
- The price fluctuations of BONK are usually linked to Solana’s SOL and are highly correlated with the parent chain.
- With SOL down more than 6% today, the network slowdown is also reflected in BONK, causing a double-digit price drop.
Why this matters
Meme currencies tend to be subject to sensitive price fluctuations, but are often supported by a community that makes decisions based on their decentralized autonomous organization (DAO).
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