SOL

BONK Team Burns All Their Tokens; Price Drops 70% From ATH

by BSCN

January 6, 2023

The BONK team burned their token allocation, amounting to 5% of the total supply. Meanwhile, the Solana dog memecoin's price has dropped siginificantly.

Can BONK Achieve Sustainability?

Live by the memecoin, die by the memecoin. It’s not time to write off the Bonk token yet, though, as the entire Solana community seems to have rallied around the new dog on the block.

Since its launch by massive airdrops on Dec. 29, the market capitalization (Market Cap) of $BONK soared to an all-time high of nearly $205 million on Jan. 5, according to CoinGecko. On that day, the Bonk team announced they had burned their entire share of the memecoin’s allocation -- 5 trillion tokens, or 5% of the total supply.

$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.

The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb
— Bonk! (@bonk_inu) January 5, 2023

The sacrifice didn’t stop Bonk holders from taking profits, however, as the market cap of the memecoin has since dropped below $67 million, as of our writing.

Despite the volatility, it feels much closer to the beginning of Bonk’s story than the end. Protocols across the embattled Solana ecosystem are coming up with creative ways to utilize Bonk, from Decentralized Finance (DeFi) to GameFi to Non-Fungible Tokens (NFTs).

For now, the feel-good story of 2023 for Solana continues.

What is Solana:

Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.