All 5 Trillion BONK Burned By Developers, Signals Upcoming Solana Price Rally?
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.
Also Read: Bitcoin And Ethereum Bull Run Coming?
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
