- Solana’s meme coin community unanimously voted to burn 84B BONK.
- Slimming Spot market liquidity imposes a challenge on BONK’s price.
- SOL’s top dog coin is now halfway to fully retracing its all-time peak.
BONK, one of the oldest meme currencies on Solana’s (SOL) network, has been one of the heaviest hit by the ongoing crypto thunderstorm. Over the past 24 hours, BONK slumped by 13.76%, while peers like Dogwifhat (WIF) and PEPE also incurred double-digit deficits over the same period.
Zooming out of the daily charts, BONK’s bulls managed to drive up a slight bounce after the canine coin’s downward slope took away 35% of last month’s market price. Starting on July 8, 2024, BONK inked 23% gains to form a double top at $0.0000269 but couldn’t break through the resistance.
Accompanied by a lowering trading volume and slimming liquidity on Spot markets, BONK’s northbound trajectory currently lacks fundamental strength. However, a shift in Bonk coin’s dynamics is likely to come next, as the BONK community just passed a crucial proposal.
84B Bonk Coins to Be Eliminated from Supply
As crypto bulls are gearing up to defend the support cluster underlying the price range between $0.0000023 to $0.0000025, the overprinted supply of BONK is likely to have a major impact on the canine coin’s long-term direction. BONK has received several massive token-burning contributions at a max supply of 93,526,183,276,778.
As a result, the remaining supply of BONK is capped at 69,323,849,993,769. The latest BONK burning proposal on BONK DAO is successfully passing the quorum with 954B vote points ascribed to ‘Yes’. With 99.5% of all BONK holders with DAO voting rights approving this 84 billion burn proposal, this execution of this proposition would eradicate $2M worth of BONK out of circulation.
As of press time, BONK is exchanging hands at $0.00002291, sporting a global market capitalization of $1,572,674,739, according to CoinGecko. With the slowing pace of Spot markets, Bonk’s bull takeover is expected to see further delays, as the coin’s Chaikin Money Flow (CMF) index remains below zero, hinting at stagnating money flow.
On the Flipside
- Bonk’s price movement is usually tied to Solana’s SOL, sporting a high correlation with the parent chain.
- As SOL slid over 6% today, the network’s downturn reflected on BONK with a double-digit price flop.
Why This Matters
Meme currencies tend to move with sensitive price fluctuations but are often supported by communities that make decisions based on the corresponding decentralized autonomous organization (DAO).
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