Shiba Inu-inspired meme currency called Bonk (SHIB) debuted on December 25 and is now trading for roughly $0.000008. Early this week, the creators of the Solana-based meme coin BONK burnt their allotted 5 trillion BONK tokens. After burn, the circulating supply of BONK decreased by 5% to 94.16 trillion. The performance of BONK has also increased the value of Solana (SOL), which is up almost 35% week over week and surged to over $14.
Solana has been hit hard after the FTX fiasco. On the Solana blockchain, Bonk is the first dog token, according to the project’s website. Toxic Alameda-style token economics were to be eliminated, solana users received an airdrop of 50% of the token supply at first. According to the Solana decentralised exchange Orca, the airdrop generated more over $20 million in trade volume.