dailyhodl.com
A new meme coin based on the Solana (SOL) blockchain is immensely outpacing its established rivals Shiba Inu (SHIB) and Dogecoin ($DOGE) to open the year.
Bonk ($BONK) is starting 2023 with a bang after posting astronomical gains in the first few days of 2023 despite the persistent crypto bear winter.
The new meme token opened the year at $0.0000002 and surged as high as $0.000004 on January 5th, marking gains of 1,900% in less than one week. The Shiba Inu and Dogecoin rival has given up some of its gains since and is trading at $0.000002 at time of writing. Despite the correction, $BONK remains up 900% in about a week.
Meanwhile, $BONK’s competitors are starting the year on a sluggish note. Leading meme coin $DOGE is up 1.43% over the same timeframe, from $0.07 on January 1st to $0.071 at time of writing. Ethereum-based altcoin Shiba Inu is faring better than $DOGE after rising 3.75% from $0.000008 on January 1st to $0.0000083 at time of writing.
Amid Bonk’s meteorical ascent last week, the developers behind the altcoin reveal that they have torched $10 million worth of $BONK tokens.
“$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.
The five trillion $BONK tokens allocated to ‘The Team’ have been burned.”
Solana explorer Solscan shows that $BONK’s current supply has shrunk to 94.12 trillion tokens.