A meme asset built on the Solana blockchain, known as SOL, has experienced a significant surge in value after its community voted in favor of burning a portion of its supply. The decentralized autonomous organization (DAO) behind the memecoin, Bonk (BONK), announced on the social media platform X that it had successfully passed a proposal to reduce the token’s supply by billions.
The proposal, which was released on April 17th, outlined the plan to burn a total of 278,393,137,215 billion BONK tokens from the DAO’s Treasury. This represents all of the BONK earned through the revenue sharing agreement with BONKbot, a Telegram-based bot that facilitates BONK trading and was launched last year.
The community vote on the proposal ended with an overwhelming 99.9% support, with 418,625,159,192 votes in favor. The DAO believes that by reducing the total supply of BONK, the value of the token will increase. Additionally, the decision to burn all the BONK earned acknowledges the community’s desire for a matching burn from the DAO, similar to what BONKbot has been doing on an ongoing basis.
Following the announcement, the price of BONK experienced a significant surge. On April 19th, the token was trading at $0.000013, and at the time of writing, it is trading at $0.000025, representing a gain of 92%.
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