• BONK, a Solana-based memecoin, has outperformed leading memecoins SHIB and DOGE with a YTD gain of 1,000 percent.
• The BONK team has burnt 5 trillion BONK tokens, worth over $10 million, representing 5 percent of the circulating supply.
• BONK is currently trading at around $0.0000016, down from its all-time high of $0.000004.
The cryptocurrency markets have seen a surge of activity since the start of the year, and BONK, the newest Solana-based memecoin token, is proving itself a strong competitor among the leading memecoins. Since opening the year at a price of $0.0000002, BONK has surged as high as $0.000004 on Jan. 5, setting a new all-time high for the token. This marks a gain of 1,900 percent in less than one week, signaling strong momentum for the memecoin and cementing its position as an up-and-coming viral token.
However, the surge was followed by a downward correction that has seen BONK drop to around $0.0000016 at present. Although, this is still a gain of 1,000 percent in the year-to-date (YTD) timeframe. In contrast, the two leading memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), have recorded much more modest gains of 9.02 and 8.66 percent YTD respectively. At press time, DOGE is trading at around $0.076, up 6.18 percent in the last 24 hours, whilst SHIB is trading at $0.0000089, up 4.95 percent on the day.
The BONK team has also taken decisive action to ensure the long-term success of the token. They announced via their Twitter handle that they had burnt 5 trillion BONK tokens, worth over $10 million. This represents 5 percent of the total circulating supply of BONK. The tokens were allocated to the team and the burn marks a commitment to the long-term success of the token, as well as an effort to expand the BONK memecoins ecosystem.
The strong growth of BONK and its impressive YTD gains are a testament to the power of the memecoin. With its novel Solana-based blockchain and the team’s commitment to the long-term success of the token, BONK is set to remain a strong competitor in the memecoins market.