Bonk Loses Steam Amid Token Burn Announcement: Snaps Weekly Gain
Bonk Loses Steam Amid Token Burn Announcement: Snaps Weekly Gains
Bonk stepped down nearly 19% in the last couple of sessions and now left with a mere 6% weekly gains.
The latest BONK burning proposal on BONK DAO is successfully passing the quorum with 954B vote points ascribed to ‘Yes’.
Bonk stepped down nearly 19% in the last two sessions and trimmed off most of the weekly gains. The 1st of this week went well for Bonk investors. The price recorded an impressive 24% growth in the 1st half of the week.
However, the bears dominated in the second half of this week and trimmed off most of the gains. At the time of writing, Bonk was exchanging hands close to $0.000022 and now left with a mere 6% weekly gains.
BONK is touted as the first dog-themed coin on Solana, created "for the people, by the people." Half of its total supply, or 50 trillion coins, has been airdropped to the Solana community. It has a live market capitalization of $1.54 Billion and ranks 52nd in the cryptoverse.
BONK Supply Reduction: 84 Billion Tokens to Be Eliminated
With the sellers enjoying the party today, Bonk has experienced a fall of nearly 5.79%. While the bulls may look to defend the price near $0.000019 to $0.000021 in the short run, the overprinted supply of BONK is expected to significantly influence the coin's long-term trajectory.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">🚨JUST IN: Quorum has reached for <a href="twitter.com/bonk_dao?ref_src=twsrc^tfw">@bonk_dao</a>& proposal to burn 84B BONK (2M) from its Treasury. <a href="t.co/7rDaMEneey">pic.twitter.com/7rDaMEneey</a></p>&mdash SolanaFloor (@SolanaFloor) <a href="twitter.com/SolanaFloor/status/1811516531878298046?ref_src=twsrc^tfw">July 11, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
By now, BONK has seen several substantial token burns, with a maximum supply of 93,526,183,276,778. Consequently, the remaining supply of BONK is now capped at 69,323,849,993,769.
Furthermore, The latest BONK burning proposal on BONK DAO is successfully passing the quorum with 954 billion vote points in favor. With 99.5% of all BONK holders with DAO voting rights approving this 84 billion burn proposal, its execution would remove somewhere around $2 million worth of BONK from circulation.
The daily transaction volume lies close to $259.18 Million after a intraday decline of 15.30%. The volume to market cap ratio at 16.85% suggests high volatility in the cryptocurrency.
Can Bonk Overcome Challenges?
The recent sessions have turned into a challenge For Bonk as the bulls could not capitalize after gaining 25% in the 1st half of the week. Thereafter, the bears trimmed off most of the gains in the last couple of sessions leaving at a mere 6% weekly gain.
However, the bulls might register their presence near the $0.000020 and the price may improve thereafter. The daily chart illustrates the formation of a consolidation range.
On the higher side, the $0.000026 level has been acting as a resistance where $0.0000193 has been acting as a support for the price. Now a breakout or breakdown on either side may indicate a clear trend in the short run.
What’s Next For Bonk?
BONK has dropped nearly 19% in the last couple of sessions, trimming off most of the weekly gains. Despite a successful BONK burning proposal passing with 954 billion votes, bears dominated the latter half of the week.
At the time of writing, BONK was exchanging hands close to $0.000022, with bulls likely defending the $0.000019 to $0.000021 range. The recent burn proposal will remove $2 million worth of BONK. The daily chart highlights a consolidation phase near the demand zone. The price may show directional movements if it breaks out on either side of consolidation.
Bonk stepped down nearly 19% in the last couple of sessions and now left with a mere 6% weekly gains.
The latest BONK burning proposal on BONK DAO is successfully passing the quorum with 954B vote points ascribed to ‘Yes’.
Bonk stepped down nearly 19% in the last two sessions and trimmed off most of the weekly gains. The 1st of this week went well for Bonk investors. The price recorded an impressive 24% growth in the 1st half of the week.
However, the bears dominated in the second half of this week and trimmed off most of the gains. At the time of writing, Bonk was exchanging hands close to $0.000022 and now left with a mere 6% weekly gains.
BONK is touted as the first dog-themed coin on Solana, created "for the people, by the people." Half of its total supply, or 50 trillion coins, has been airdropped to the Solana community. It has a live market capitalization of $1.54 Billion and ranks 52nd in the cryptoverse.
BONK Supply Reduction: 84 Billion Tokens to Be Eliminated
With the sellers enjoying the party today, Bonk has experienced a fall of nearly 5.79%. While the bulls may look to defend the price near $0.000019 to $0.000021 in the short run, the overprinted supply of BONK is expected to significantly influence the coin's long-term trajectory.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">🚨JUST IN: Quorum has reached for <a href="twitter.com/bonk_dao?ref_src=twsrc^tfw">@bonk_dao</a>& proposal to burn 84B BONK (2M) from its Treasury. <a href="t.co/7rDaMEneey">pic.twitter.com/7rDaMEneey</a></p>&mdash SolanaFloor (@SolanaFloor) <a href="twitter.com/SolanaFloor/status/1811516531878298046?ref_src=twsrc^tfw">July 11, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
By now, BONK has seen several substantial token burns, with a maximum supply of 93,526,183,276,778. Consequently, the remaining supply of BONK is now capped at 69,323,849,993,769.
Furthermore, The latest BONK burning proposal on BONK DAO is successfully passing the quorum with 954 billion vote points in favor. With 99.5% of all BONK holders with DAO voting rights approving this 84 billion burn proposal, its execution would remove somewhere around $2 million worth of BONK from circulation.
The daily transaction volume lies close to $259.18 Million after a intraday decline of 15.30%. The volume to market cap ratio at 16.85% suggests high volatility in the cryptocurrency.
Can Bonk Overcome Challenges?
The recent sessions have turned into a challenge For Bonk as the bulls could not capitalize after gaining 25% in the 1st half of the week. Thereafter, the bears trimmed off most of the gains in the last couple of sessions leaving at a mere 6% weekly gain.
However, the bulls might register their presence near the $0.000020 and the price may improve thereafter. The daily chart illustrates the formation of a consolidation range.
On the higher side, the $0.000026 level has been acting as a resistance where $0.0000193 has been acting as a support for the price. Now a breakout or breakdown on either side may indicate a clear trend in the short run.
What’s Next For Bonk?
BONK has dropped nearly 19% in the last couple of sessions, trimming off most of the weekly gains. Despite a successful BONK burning proposal passing with 954 billion votes, bears dominated the latter half of the week.
At the time of writing, BONK was exchanging hands close to $0.000022, with bulls likely defending the $0.000019 to $0.000021 range. The recent burn proposal will remove $2 million worth of BONK. The daily chart highlights a consolidation phase near the demand zone. The price may show directional movements if it breaks out on either side of consolidation.
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