After a major price correction in early April, Solana-based meme coin BONK has been staging a strong recovery recently. Over the last week, the BONK price has surged by over 25% and is currently trading at $0.00002074 with a market cap of $1.35 billion.
What’s Behind the BONK Price Rally?
Bonk (BONK), a token with a dog theme built on the Solana blockchain, saw a notable 25% surge amid a broader rally in meme coins. This increase was largely fueled by a proposal suggesting a significant treasury burn, totaling a massive 280 billion tokens.
According to a tweet, BONK DAO, the decentralized arm of Bonk, also received a proposal to burn 280 billion BONK from its Treasury. The proposal also suggests burning 278,393,137,215 BONK, equivalent to 100% of the BONK generated by BONK DAO through its revenue-sharing arrangement with BONKBot since its inception in late 2023. BONKBot, Solana’s Telegram trading bot, applies a 1% fee on all transactions, with 10% of the proceeds directed to the BO
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