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All 5 Trillion BONK Burned By Developers, Signals Upcoming Solana Price Rally?

The team behind the Solana-based meme coin Bonk Inu burned 5 trillion tokens. Solana price can recover if the BONK rally returns.
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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?

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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

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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?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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