The continuous Bit (BTC) breaking of new highs, along with a series of memecoin being listed on reputable exchanges like Coinbase and Robinhood, has once again drawn attention to large-capitalization memecoin, in which BONK is creating new highs thanks to strong trading interest and ambitious token burning goals.
BONK has increased by 16% in the past 24 hours, leading the upward trend of major memecoin with a trading volume of $2.6 billion - a significant figure for this Solana-based dog meme Token.
Interest in BONK is exploding in the Solana community, thanks to a series of activities aimed at reducing the token supply - a move that history has shown can drive prices higher.
Specifically, BonkDAO, a decentralized group of BONK supporters, has recently burned 100 billion tokens from the circulating supply and set a goal of burning 1 trillion tokens in December, which could increase the value due to scarcity.
Token burning is the permanent removal of tokens from the circulating supply by sending them to a wallet address that is not controlled by anyone.
"A total of 7.7 trillion $BONK have been burned and daily burns are still ongoing. Yesterday, BONKbot burned 2 billion $BONK and $BERN is also burning $BONK rapidly," the @iamkadense account of Bonk wrote on the X platform.
"100 billion just got burned, 1 trillion BONK will be burned and it may not stop there."
