BONK defies market dip, soars more than 12% after community approves token burn
- BONK has seen a 77% weekly gain following token burn proposal and Revolut listing.
- Despite the general market dip, BONK posted 12% gains on Wednesday.
- Meme coin frenzy could be around the corner as several meme-themed tokens have rallied in the past week.
Bonk (BONK) saw a 12% gain on Wednesday despite several other altcoins dipping. BONK's impressive rise follows a token burn proposal approved by its community and generally increased attention towards meme coins.
BONK rises following token burn approval
BONK, alongside fellow Solana meme coins, saw a huge boom during the meme frenzy in early March. However, the dog-themed token suffered a heavy decline following the crypto market correction in early April.
After the fourth Bitcoin halving over the weekend, BONK witnessed a huge surge, recording more than a 77% gain in the past week.
While the Bitcoin halving is partly responsible for the rally across several meme coins, key events surrounding BONK pushed its price to rally higher. BONK DAO had earlier proposed to burn nearly 280 billion BONK from its Treasury. The tokens "represent 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023," said BONK DAO. BONK recorded an impressive upward move after the announcement.
Also read: Here’s why Bonk Inu price could lead the meme coin pack with 30% rally
Token burns are generally considered bullish factors as their supply shrinkage could trigger a price rally if demand stays the same or increases. The proposal, which allowed all BONK holders to vote, was passed via council vote on Wednesday. In an X post, BONK DAO said, "The community vote ended with 418,625,159,192 votes in favor, which represented a 99.9% support of the proposal."
The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote.
— BONK DAO (@bonk_dao) April 24, 2024
With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP
Following the proposal's approval, BONK continued rising, posting nearly a 12% gain in the past 24 hours. While the general crypto market dip affected it slightly, BONK is still in profit on Wednesday.
Listing on European Fintech company Revolut may also have contributed to BONK's rise, considering the move exposed the meme token to its over 40 million users.
Other meme coins are also seeing price boosts amid key integrations
BONK isn't alone in its rally. Several meme coins have also been experiencing impressive price gains amid key integrations surrounding them.
Also read: Meme coin madness returns after Bitcoin halving concludes
For example, WIF posted a 6% gain today while rallying 31.6% in the past week. This follows WIF's perpetual futures listing on Coinbase International Exchange, and Coinbase advanced on Thursday. Other meme coins like Floki (FLOKI), Pepe (PEPE), Shiba Inu (SHIB), and Book of Meme (BOME) have also posted huge weekly gains. This indicates increased attention in the meme sector, hinting at a potential resumption of the meme coin frenzy.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
