Bonk Cryptocurrency is Gaining Traction, But Why?

Explore why the Bonk cryptocurrency is gaining traction in the crypto market

The BONK, based on the Solana blockchain, was riding a wave of a massive 43% rally that followed an uptick of other meme coins. The Cryptocurrency that is gaining traction is Bonk because of its record-breaking proposal to burn 280 billion tokens from the total treasury.

Specifically, at the time of writing, BONK surged 25.02% in the past week, which is US$0.00002032.

Bonk cryptocurrency is gaining traction as it received the highest rise of US$0.00002192 per coin, which used to trade at US$0.00001357 on April 18. It was Monday's streak high. If today's session ends in the green, BONK will have simultaneously sealed the fourth straight day for the coins at the growths.

While the current hype over Bonk cryptocurrency has been the key factor pushing its price up, other aspects, such as the comeback of meme coins on the cryptocurrency scene, have also contributed to that. Along with meme coins recapturing attention, investors have swiftly shifted their newer yields to projects within the Solana ecosystem that they thought of as promising disproportionate profit.

This recent price hike of BONK tokens may not be only because of a meme coin wave; the possibility of a severe option of burning 280 billion BONK tokens may be involved as well.

BONK's decentralized arm, BONK DAO, has received a proposal to burn 280 billion BONK from its Treasury, According to a tweet.

BONK DAO hypothesizes burning 278,393,137,215 BONKs from its Treasury. This figure is 100% of the BONKs that BONKBot has been a member of sniffing BONK DAO under its revenue-sharing agreement with BONKBot since late 2023.

Telegram trading bot of the Solana Network BONKbot, which was launched in November 2023. BONKBot charges his automated transaction execution services at the rate of 1%. Out of the total amount obtained, 10% goes to the BONK DAO.

By using BONK this way, the BONK DAO works to reduce the overall supply of BONK to the benefit of the community, as BONKBot undoes the coin of the community burning from the DAO as part of its routine.

The governance body of community members of the Bonk coin was very supportive of the idea, which sees the burning of tokens as a way to help stabilize the price of that token and thereby support the overall growth, where the proposal else awaiting approval provided an additional boost to its price performance and generated intense speculation in the crypto market.