BONK Price Soared 10% After The Proposed Burning Of Token 84 Billion

BONK prices jumped 10% after the proposed burning of the 84 billion token (Photo; Doc. Medium)

JAKARTA - The price of BONK has increased by 10% after the announcement from the treasury about the planned burning of 84 billion tokens. This move has significantly changed investor sentiment and market trends.

After experiencing a slow morning, BONK prices surged in response to treasury announcements that would burn massive tokens. Plans to remove 84 billion tokens from circulation aim to reduce token supply and increase market cap by 10% to 1.6 billion US Dollars (approximately IDR 26 trillion). At the time of writing, BONK is trading at a price of 0.00002391 US Dollars (approximately IDR 0.39), up 10% from its lowest point of the day.

This strategy is part of a broader effort to increase the scarcity of tokens and their value over time. This move is considered a turning point for BONK as supply cuts usually have a positive impact on investors. This burn, according to the announcement, represents the Q2 number of BONKs sent to DAO from BONKBot.

According to Coingape's information, market analysts noted that there was an increase in trading volume by 169% to US$483 million (around Rp7.8 trillion) after this announcement, indicating that investors were again interested in the token. Although this proposal still has final approval, its effect on the market has been felt.

In April, BONK's Decentralized Autonomous Organization (DAO) has set a precedent for decisions to impact like this. DAO passed a proposal to burn 278.39 trillion BONK, with community votes showing enormous support: 418.63 trillion votes in favor, representing 99.9% of approval.

Burns of tokens have previously brought positive and well received price adjustments to the investor community, reinforcing hopes that this latest proposal will have the same beneficial impact. If this proposal is approved, the BONK price may again test its all-time high of 0.00004704 US Dollars (approximately IDR 0.76) which was reached in March, although currently it is still 49% of the price.