Developers behind the solana-based meme coin bonk burned their allocation of 5 trillion bonk tokens early friday. circulating supply of bonk shrunk 5% to 94.16 trillion after the token burn event. token burn is a standard process to reduce a cryptocurrency’s supply.
Token burn event occurred early friday and took place on the solana blockchain. solana is up around 35% on the week. bonk reacted otherwise and lost around 12% in value since the token burn. bonk has lost nearly 50% of its value in the past 24 hours.
Token burn was done in a bid to stem the token’s bearish momentum. token burn event saw nearly $1 million worth of bonk removed from circulation. bonk has recorded over 4 million transactions over the past three days. bonk has seen its daily active users (dau) increase over the past week. nearly 15,000 users have interacted with the token over the past three days. daily active users is a measure to track the user activity associated with a dapp or cryptocurrency. more than 103,759 wallet addresses hold bonk tokens. this figure has seen a 99.9% increase since december 25, 2022.
https://decrypt.co/118545/developers-burn-5-trillion-bonk-as-solana-based-meme-coin-slides
