Bonk (BONK) is down 17% despite its flaring burn rate

Bonk (BONK) is down 17% despite its flaring burn rate

  • It only took memecoin BONK eight days Triple in value.
  • The cryptocurrency that popped up on Solana is constantly being dropped.
  • At launch, the developers burned five trillion tokens to reduce the supply.

BONK Dog Coin has appeared in the right place at the right time Solana Rescue (SOL), as memecurrency brought in a large number of retail investors. Currently, the developers behind memecoin are working on several new copying features.

For example, a hackathon dedicated to burning and a portal dedicated to tracking burning. Finally, Solana Mobile has announced that Bonk will play a major role in Solana’s inaugural smartphone release, possibly with Built-in burning mechanism via a crypto wallet.

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BONK Battles SBF to rescue Solana

In the latest episode of Punk Streets by Magnum AIAnd Solana’s savior Against troubled entrepreneur Sam Bankman-Fried, the famous founder of the FTX cryptocurrency exchange. In the middle of the fight, SBF gives BONK a hard time when he lives up to his standards using stolen customer money, thus going from Sam Bankman-Fried to fraud mica.

The Mecha Fraud’s superpower is to absorb the opponent’s encrypted tokens and send them to Alameda Research. In the end, this strategy has proven effective in real life, as Corrupt boss of FTX Corporation He destroyed his own cryptocurrency system by sending withdrawn customer funds to FTX’s sister company, which runs it The infamous SBF GirlfriendCaroline Ellison.

However, Dog Coin came out on top after an intense fight in front of FTX headquarters. Last but not least, Punk Club Solana He flies in style, in a luxurious spaceship, right after the FTX logo is smashed to pieces.

Is BONK ready for another Bonkers Bull Run?

At the time of publication, the dog-themed cryptocurrency is ranked 424th It is trading at $0.00000116to me Queen Gekko. The puppy coin followed a prolonged two-week downtrend, falling 17% in the past seven days and 27.6% in the last two weeks.

Moreover, the decline of 5.5% in the price of BONK in USD over the past 24 hours attests to the fact that Regular burns And enthusiastic participation from the SOL community may not be enough to maintain it New born dog coin market price.

on the flip side

  • Despite having a few weeks in the red, Bonk has had an off-beat start, gaining 4,424% in eight days. In comparison, it has taken Shiba Inu 141 days since its launch to triple its market cap, while Dogecoin (DOGE) has tripled in 1,253 days.

Why should you bother

obligatory to Rapid adoption Loved by both the crypto community and retail investors, Bonk contributed the most to Solana’s revival as the beleaguered altcoin dropped to single digits. Finally, the sudden appearance of BONK SOL helped to restore several key resistance levels.

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