Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

BONK defies market dip, soars more than 12% after community approves token burn

Source Fxstreet

BONK has seen a 77% weekly gain following token burn proposal and Revolut listing.
Despite the general market dip, BONK posted 12% gains on Wednesday.
Meme coin frenzy could be around the corner as several meme-themed tokens have rallied in the past week.

Bonk (BONK) saw a 12% gain on Wednesday despite several other altcoins dipping. BONK's impressive rise follows a token burn proposal approved by its community and generally increased attention towards meme coins.

Read more: Pepe rallies following Coinbase perpetual futures listing amid impressive gains across top meme coins

BONK rises following token burn approval

BONK, alongside fellow Solana meme coins, saw a huge boom during the meme frenzy in early March. However, the dog-themed token suffered a heavy decline following the crypto market correction in early April.

After the fourth Bitcoin halving over the weekend, BONK witnessed a huge surge, recording more than a 77% gain in the past week.

While the Bitcoin halving is partly responsible for the rally across several meme coins, key events surrounding BONK pushed its price to rally higher. BONK DAO had earlier proposed to burn nearly 280 billion BONK from its Treasury. The tokens "represent 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023," said BONK DAO. BONK recorded an impressive upward move after the announcement.

Also read: Here’s why Bonk Inu price could lead the meme coin pack with 30% rally

Token burns are generally considered bullish factors as their supply shrinkage could trigger a price rally if demand stays the same or increases. The proposal, which allowed all BONK holders to vote, was passed via council vote on Wednesday. In an X post, BONK DAO said, "The community vote ended with 418,625,159,192 votes in favor, which represented a 99.9% support of the proposal."

The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote.

With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP
— BONK DAO (@bonk_dao) April 24, 2024

Following the proposal's approval, BONK continued rising, posting nearly a 12% gain in the past 24 hours. While the general crypto market dip affected it slightly, BONK is still in profit on Wednesday.

Listing on European Fintech company Revolut may also have contributed to BONK's rise, considering the move exposed the meme token to its over 40 million users.

Other meme coins are also seeing price boosts amid key integrations

BONK isn't alone in its rally. Several meme coins have also been experiencing impressive price gains amid key integrations surrounding them.

Also read: Meme coin madness returns after Bitcoin halving concludes

For example, WIF posted a 6% gain today while rallying 31.6% in the past week. This follows WIF's perpetual futures listing on Coinbase International Exchange, and Coinbase advanced on Thursday. Other meme coins like Floki (FLOKI), Pepe (PEPE), Shiba Inu (SHIB), and Book of Meme (BOME) have also posted huge weekly gains. This indicates increased attention in the meme sector, hinting at a potential resumption of the meme coin frenzy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

22 hours ago

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols