Solana-based Meme Coin Massively Outperforms Shiba Inu and Dogecoin in One Week Amid 5,000,000,000,000 Token Burn
A new meme coin based on the Solana (SOL) blockchain is immensely outperforming its established rivals Shiba Inu (SHIB) and Dogecoin (DOGE) to open the year.
Bonk (BONK) is starting 2023 strong after posting astronomical gains in the early days of 2023 despite the persistent crypto winter.
The new meme token opened the year at $0.0000002 and surged as high as $0.000004 on Jan. 5, marking gains of 1,900% in less than a week. The Shiba Inu and Dogecoin rival has given up some of its gains since then and is trading at $0.000002 as of this writing. Despite the correction, BONK is still up 900% in about a week.
Meanwhile, BONK’s competitors are starting the year on a slow note. The leading DOGE meme coin is up 1.43% over the same time period, from $0.07 on January 1 to $0.071 as of this writing. Ethereum-based altcoin Shiba Inu is faring better than DOGE after rising 3.75% from $0.000008 on Jan. 1 to $0.0000083 as of this writing.
Amid Bonk’s meteoric rise last week, the developers behind the altcoin to reveal who have torched $10 million worth of BONK tokens.
“BONK represents the best of Solana. Our community is working together across the ecosystem to bring about positive change for all of us.
The five trillion BONK tokens allocated to ‘The Team’ have been burned.”
Solana explorer Solscan shows that the current supply of BONK has shrunken to 94.12 billion tokens.
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source: dailyhodl.com