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The team behind the Solana-based meme coin Bonk Inu (BONK) burned 5 trillion tokens on Friday. This represents all BONK tokens that were allocated to the Bonk Inu team. Can the move restarts the BONK rally seen in the last few days and will Solana price rebound to test the $15 resistance level?
BONK Team Burns 5 Trillion Tokens
Bonk Inu’s official Twitter handle on January 6 revealed that 5 trillion BONK tokens allocated to “The Team” have been burned. It sparks a discussion in the crypto community to either hold or sell the BONK tokens received in airdrops. According to blockchain data, the burned BONK tokens represent 5% of the total supply.
The team behind the Solana-based meme token BONK represents the growth of the Solana ecosystem. The community will continue to work towards making positive changes for Solana. The FTX and Alameda contagion caused people to lose confidence in Solana. The SOL price also fell below $10, but the recent BONK rally lifted the SOL price to over $14.50 with it.
“BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.”
The Solana community sentiment shifted to hold the token, considering the burn a step towards the legitimacy of the Bonk Inu project. The BONK calls itself a token “for the people, by the people” by actively avoiding insider token sales and predatory behavior.
The hype surrounding BONK saw over 3 million transactions over the past three days. Many crypto exchanges listed the token due to massive demand from the community.
Also Read: Here’s Why KuCoin Undelegated 48 Billion Terra Classic ($LUNC) Tokens
Can the BONK Rally Return?
The BONK price plummeted over 50% in the last 24 hours, with the current price trading at $0.00000199. However, the selloff came with low trading volumes. It indicates many users are still holding the tokens. The over 4000% rally has now declined to 2000%.
Meanwhile, Solana price has already started to move upward. The SOL price is currently trading at $13.15 and is more likely to retest $14.50 amid a resultant rally in BONK.
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