Solana’s BONK Tanks 54%, Devs Respond By Burning More Tokens

January 6, 2023 11:45 am Comments

Many users in the crypto space were touting Solana was on the verge of a major comeback after a Solana-based meme coin called BONK saw its value tripple in recent weeks.

The hype has now come to an end after BONK saw its value drop over 54% in the last couple of days.

Solana which was previously hailed as the ETH killer has seen its value sink in the bear market.

Currently, Solana is trading at $13.15 which is a far cry from its all-time high of $260 dollars.

Decrypt dropped these details:

Meme coins and tokens are famously volatile, surging and falling based on things like social media sentiment—as seen in many past occasions with Elon Musk and Dogecoin. Now BONK, a Solana-based, dog-themed token, is experiencing that same kind of turbulent momentum, falling by over half today after ascending to an all-time high price overnight.

BONK has surged over the past week, fueled by Solana developers and aficionados that are embracing the jokey vibe and memey nature after months of declining value for SOL and dour vibes around the ecosystem. On Wednesday and into early Thursday, the token more than tripled in price, peaking at $0.00000487 per data from CoinGecko.

But Wednesday’s rise has given way to a sharp Thursday fall, with the token dipping as low as $0.00000223 this morning—a 54% drop in less than 11 hours.

As a reposne to the recent drop in value, BONK devs announced they will burn 5 trillion tokens:

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