The post Bonk Price Loses Steam Amid Token Burn Announcement appeared on BitcoinEthereumNews.com.

Bonk Price dropped nearly 19% in the last two sessions and trimmed off most of the weekly gains. The 1st half of this week went well for Bonk investors. The price recorded an impressive 24% growth in that period. However, the bears dominated in the second half of this week and trimmed off most of the gains. At the time of writing, Bonk Price exchanged hands close to $0.000022 and is now left with mere 6% weekly gains.  When writing, BONK meme coin’s market cap was $1.54 Billion and ranked 52nd in the cryptocurrency market. BONK Supply Reduction: 84 Billion Tokens to Be Eliminated With the sellers enjoying the party, Bonk Price experienced a fall of nearly 5.79% at press time. While the bulls may look to defend the price near $0.000019 to $0.000021 in the short run, the overprinted BONK supply is expected to significantly influence the coin’s long-term trajectory.  By now, BONK has seen several substantial token burns, with a maximum supply of 93,526,183,276,778. Consequently, the remaining supply of BONK was now capped at 69,323,849,993,769 at the time of writing.  Furthermore, the latest BONK burning proposal on BONK DAO successfully passed the quorum with 954 billion vote points in favor.  With 99.5% of all BONK holders with DAO voting rights approving this 84 billion burn proposal, its execution would remove around $2 Million worth of BONK from circulation. When writing, the daily transaction volume remained close to $259.18 Million after an intraday decline of 15.30%. The volume-to-market cap ratio of 16.85% suggested high volatility in the cryptocurrency. Can Bonk Price Overcome Challenges? The recent sessions have become challenging for Bonk as the Bulls could not capitalize after gaining 25% in the 1st half of the week. After that, the bears trimmed off most of the gains in the…

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Filed under: News - @ July 13, 2024 1:34 pm