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bonk coin burn Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

Why did Bonk burn 5 trillion tokens?

The developers behind Solana-based meme coin BONK burned their allocation of 5 trillion BONK tokens early Friday, in a bid to stem the token’s bearish momentum.

Is bonk a meme coin?

Billed as the "social layer and community meme coin" of Solana, BONK is a Solana-based cryptocurrency with an ecosystem encompassing DEXs, dapps, NFTs, and—of course—a dog mascot. As of May 2024, Bonk is the sixth largest meme coin, and is the 63rd largest cryptocurrency of any type by market capitalization, according to data from CoinGecko.

Did Bonk Inu burn all tokens earmarked for developers?

The move claimed to have effectively burned all tokens earmarked for developers of the project. Solana community members considered the burn a step towards the legitimacy of the Bonk Inu project – one that calls itself a token “for the people, by the people” by actively avoiding insider token sales and predatory behavior.

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