Bonk spikes 25% amid 84 billion token burn proposal

Bonk rose sharply on Tuesday as the meme coin’s treasury outlined a proposal to burn 84 billion BONK.

At the time of writing, the meme coin’s price was up 25% to trade around $0.00002649 as it led Solana meme coins higher.

Bonk, the first dog-themed meme coin on Solana, topped the SOL meme ranking with over $1.77 billion in market cap. Per CoinGecko data, Dogwifhat has dropped into second amid this huge BONK surge, with WIF currently at a market cap of $1.73 billion.

Altcoins rise as Bitcoin recovers above $57k

The broader crypto market is seeing an overall uptick in prices after last week’s dip and Monday’s downturn for Bitcoin. BTC is back above $57k amid the $295 million spot ETFs inflows. Ethereum and Solana are also up, as are XRP, Toncoin and Dogecoin in the top 10 coins by market cap.

Meme coins are however leading the top gainers overall. After HOPPY and TRUBO outpaced the market on Monday, PolitiFi meme coin Jeo Boden and alcohol-themed token Beercoin are leading today's top movers.

Nonetheless, BONK is the top meme coin in the top 10 list by market cap by 24-hour gains as the sector jumps 8.5% to $45.3 billion.

Crypto's total market cap on the other hand has increased 4.5% in the past 24 hours to around $2.22 trillion.

BONK explodes amid burn proposal

As altcoins seek further gains, BONK is outperforming all top meme coins. The surge comes after Bonk DAO announced that the community can now vote on a proposal to burn 84 billion tokens.

The BONK earmarked for the burn is from its project’s treasury and represents the amount of tokens the DAO received from BONKBot in Q2, 2024.

If implemented, the removal of such a huge amount of BONK from circulation will be a positive catalyst for the meme coin’s price. In April, the Bonk community approved a proposal to burn 278 billion tokens, a move that also saw BONK prices soar.

According to data from CoinGecko, Bonk has a total supply of 93.5 trillion and circulating supply of just over 66.2 trillion. The announcement of the 84 billion BONK burn saw the trading volume spike nearly 200% to over $846 million.

This increase in market activity suggests traders are betting on a further price surge for the Solana meme coin. BONK reached its all-time high of $0.00004547 on March 4, 2024, which sees the current price roughly 41% off that peak