• CoinStic
  • Posts
  • Solana-Based Memecoin Erupts Over 90% in Days After Community Overwhelmingly Votes To Reduce Supply

Solana-Based Memecoin Erupts Over 90% in Days After Community Overwhelmingly Votes To Reduce Supply

April 25, 2024

A Solana-based (SOL) meme asset has nearly doubled up just days after its community overwhelmingly passed a resolution to burn its supply.

In a new announcement on the social media platform X, the decentralized autonomous organization (DAO) for memecoin Bonk (BONK) says it has voted to reduce the token’s supply by billions.

“The BONK DAO community proposal to BURN 278,393,137,215 billion BONK has passed via council vote… The community vote ended with 418,625,159,192 votes in favor which represented a 99.9% support of the proposal.”

In the original proposal, which was released on April 17th, BONK DAO said that by burning the supply of the memecoin, its value would rise. The DAO said that it would be burning all of the BONK in its Treasury, which was earned from its agreement with BONKbot, a BONK-trading, Telegram-based bot that launched last year.

“BONK DAO proposes to burn 278,393,137,215B BONK from its Treasury which represents 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023…

By Burning BONK, the DAO is reducing the total supply of BONK which can be positive for token value. By Burning all of the BONK earnt, the BONK DAO is recognizing the community’s desire to have a matching burn from the DAO as done by BONKBot on an ongoing basis.”

On April 19th, BONK was trading for $0.000013. At time of writing, it is trading for $0.000025, a 92% gain.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney