BONK Burns Half a Trillion Tokens, Sending Price up 107%

Bonk (BONK), the new meme coin in town that prides itself as the first Solana Dog coin, has been on the rise all week long. The token's latest growth is currently being fueled by the update shared on the token's Twitter page. According to the token, it has burnt off a total of 500 billion coins, cementing one of the most aggressive token burn campaigns in the crypto ecosystem of today.

While this year opened for most coins on a positive note, it is still somehow rare to find a token that can record double-digit growth on the daily chart. As far as the BONK token is concerned, it has outstripped all coins in the top 100 and is currently trading up 107% at the time of writing to $0.000001932. Drawing on its current growth tracks, BONK is now up by more than 2,080% since it recorded its all-time low (ATL) of $0.000000086142 about five days ago.

Considering the current outlook of the broader crypto world, the chances that BONK will be able to keep up with its bullish run are quite slim. Investors — particularly retail traders — have not seen such a momentous leap in quite some time, and with this, many might be forced to take profits sometime soon.

New DOGE killer in town?

With the price of BONK and the hype around it, there is no doubt that it is the new meme coin in town, and like Shiba Inu (SHIB), it may start parading itself as a Dogecoin (DOGE) killer. Over time, meme coins like DOGE and SHIB are known entirely for their pump-and-dump scheme, and this may become the new narrative for BONK as it continues to rise in popularity.

While BONK is currently being traded on MEXC Global and Huobi, exchanges are becoming quite wary of meme coins, as shown in Binance's recent delisting of a Shiba Inu pair.