Thursday, June 8, 2023
HomeTop NFT CollectionBonk Inu Developers Burn All Their Team Tokens as Solana Ecosystem Frenzy...

Bonk Inu Developers Burn All Their Team Tokens as Solana Ecosystem Frenzy Continues

The developers behind Solana-based memecoin project Bonk Inu (BONK) burned over 5 trillion tokens, or 5% of the total supply, early on Friday. blockchain data indicate. The move was claimed to have effectively burned all tokens allocated to the project’s developers.

Members of the Solana community saw Burn as a step towards the legitimacy of the Bonk Dog project. This insider calls itself a token “by the people, for the people” by actively avoiding the sale and looting of his tokens.

within the last 24 hours, centralized exchange When Decentralized application Introduced a bonk-based trading event as well, NFT Mintincreasing the usefulness of memecoin for traders and holders.

data show Over 3 million BONK transactions were made in the last three days, indicating active participation by holders. His unique BONK holding wallet has risen from under 25,000 earlier this week to over 86,000 as of Friday.

However, a large token sale has hampered the price rise of Bonk, which is now over 2,000% over the past week. The token has fallen more than 40% in the last 24 hours as early investors turned a profit and crypto exchanges such as Bybit introduced Bunk futures, allowing traders to bet against the token. Did.

Built around the popular Shiba Inu dog breed, which has spurred popular projects such as Shiba Inu and Dogecoin, the rapid rise of the Bonk dog can be attributed to several factors.

Last week, Bonk developers airdropped 50% of the entire token supply to several Solana-based NFT collections and creators, resulting in an almost instant hype and project marketplace.

A total of 297,000 Solana-based NFT owners are said to have received airdrops. Airdrops are the unsolicited distribution of cryptocurrency tokens or coins, usually for free, to a large number of wallet addresses and are commonly used as a user acquisition tactic.

project actively called out “Toxic Tokennomics” of distressed funds like Alameda Research – allocating a small portion of the token supply to individual investors and project developers, and a small portion of the token supply to retail traders was widely criticized in

Several The Solana project is already Integrated Bunk Token For use as payment for listed NFTs, some Introducing a “write” mechanism For NFT-based events. Token burn means removing coins from the overall supply of cryptocurrencies.

As such, the liquidity pools of Solana-based decentralized exchanges (DEXs) such as Orca have amassed over $20 million in volume in trading pairs, including BONK, accumulating thousands of dollars in liquidity provider fees. have earned.

A liquidity provider is an investor who stakes cryptocurrency tokens on a DEX and earns transaction fees, usually in the form of token rewards.

Orca show data The BONK/SOL pair exceeded $14 million in trading volume and the BONK/USD coin pair exceeded $6.2 million. Both pools pay liquidity providers around 1% hourly, or more than 24% daily.

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