Solana based (SOLThe value of the meme asset nearly doubled just days after the community passed an overwhelming resolution to destroy its stock.
The new announcement On the social media platform X the decentralized autonomous organisation (DAO), for memecoin Bonk, (BONK() has announced that it voted to decrease the supply of tokens by billions.
“The BONK DAO community proposal to BURN 278,393,137,215 billion BONK has passed via council vote… The community vote ended with 418,625,159,192 votes in favor which represented a 99.9% support of the proposal.”
Original proposal, BONK DAO stated that it would raise the value of its memecoin by burning off the existing supply. This was announced on April 17, 2018. The DAO announced that they would burn all the BONK that was in their Treasury. This money came from an agreement that BONKbot had with them, a BONK trading bot that started last year.
“BONK DAO proposes to burn 278,393,137,215B BONK from its Treasury which represents 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023…
By burning BONK, DAO reduces the supply of BONK. This can have a positive effect on token values. The BONK DAO recognizes the desire of the community to see a similar burn as BONKBot does on a regular basis by burning all the BONK earned.
BONK traded for $0.000013 on April 19. It is currently trading at $0.000025. This represents a 92% increase.
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