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

A Solana-based (SOL) meme asset has almost 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 scale back the token’s provide 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.”

Within the authentic 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 all the BONK in its Treasury, which was earned from its settlement with BONKbot, a BONK-trading, Telegram-based bot that launched final 12 months.

“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 decreasing the full provide of BONK which will be constructive for token worth. By Burning all the BONK earnt, the BONK DAO is recognizing the neighborhood’s want 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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