BONK, a Solana meme token, recently went on a surge that saw it pushing weekly gains above 70% after community members voted in favor of a burn proposal. Recent market dynamics have seen the value of BONK, along with the majority of meme coins falling in April. BONK, in particular, witnessed a 70% plunge in trading volume earlier in the month, a direct consequence of the waning interest at the time.
However, the recent conclusion of the Bitcoin halving event has seen BONK surging in the past week. Interestingly, this surge was intensified after a recent announcement of BONK burns and a listing on Revolut.
BONK Rallies After Burn Votes
According to a social media post by the BONK Decentralized Autonomous Organization (DAO), members of the BONK communities voted in favor of burning 278 billion BONK tokens to mark a historic event for the crypto. As a DAO, anyone who holds BONK tokens can participate in decision-making by voting on proposals.
The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote.
With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP
— BONK DAO (@bonk_dao) April 24, 2024
The DAO noted that the proposal received over 418 billion…
