A token burn is a standard process to reduce a cryptocurrency’s supply, which—so the theory goes—can lead to an increase in the prices of the asset.
BONK, however, reacted differently.
BONK price fall continues
Each BONK token was worth $0.00000244 at the time of token burn. Data from CoinGecko. The token’s value has fallen by around 12% and it trades at $0.00000192 at the time of writing.
Over the past 24 hours, BONK has lost nearly 50% of its value, despite the dev team’s token burn.
However, that pales in comparison to the meme coin’s weekly performance, which has seen BONK surge by 2,015%. BONK’s performance has also lifted Solana, which is up around 35% on the week (albeit dropping by around 2% in the past 24 hours).
Strong user activity
BONK experienced strong growth in user activity during the week despite its negative short-term price action.
Data from Dune AnalyticsBONK has recorded more than 4 million transactions in the last three days. This figure is slightly higher that the total transaction amount. processed The Ethereum blockchain was used over the same time period.