A Solana-based (SOL) meme asset has practically doubled up simply days after its neighborhood overwhelmingly handed a decision to burn its provide.
In a brand new announcement on the social media platform X, the decentralized autonomous group (DAO) for memecoin Bonk (BONK) says it has voted to cut back the token’s provide by billions.
“The BONK DAO neighborhood proposal to BURN 278,393,137,215 billion BONK has handed by way of council vote… The neighborhood vote ended with 418,625,159,192 votes in favor which represented a 99.9% help of the proposal.”
Within the unique proposal, which was launched on April seventeenth, BONK DAO stated that by burning the availability of the memecoin, its worth would rise. The DAO stated that it will be burning the entire BONK in its Treasury, which was earned from its settlement with BONKbot, a BONK-trading, Telegram-based bot that launched final yr.
“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 income sharing settlement with BONKBot since its launch in late 2023…
By Burning BONK, the DAO is lowering the full provide of BONK which might be constructive for token worth. By Burning the entire BONK earnt, the BONK DAO is recognizing the neighborhood’s need to have an identical burn from the DAO as completed by BONKBot on an ongoing foundation.”
On April nineteenth, BONK was buying and selling for $0.000013. At time of writing, it’s buying and selling for $0.000025, a 92% achieve.
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