Alleged Shiba Inu (SHIB) killer, Bonk (BONK) is maintaining its stellar start as a meme coin as it has continued to hit new milestones, including surpassing the total number of transactions on the Ethereum (ETH) network. According to a tweet from the official account of the meme coin, the token has recorded a total of 4,623,518 transactions over the past 14 days, a figure that surpasses Ethereum's 1,831.79 million by more than 50%.
BONK became a sensation in the crypto community as it paraded itself as the first dog-focused token on the Solana blockchain network. With the crypto ecosystem in search of so much thrill, many jumped on board to buy the token, pushing its price to a significantly high pedestal.
At the time of writing, Bonk is changing hands at $0.000001925, down 56.68% over the past 24 hours. Despite the massive daily slump in the price of the token, it is still up by more than 2,000% over the past seven days. As a new meme coin, Bonk is on track to beat the return record of both Shiba Inu and Dogecoin (DOGE), and many of its community members believe its bullish momentum is just building up.
BONK token burn thrill
The BONK token may be a young meme coin, however, it has a very unique design, one of which is its deflationary nature. Thus far, the BONK token has burnt more than 500 billion tokens of its 56 trillion coins in circulation.
Among the coin's burning mechanism design is the likelihood that the new Solana mobile phone Saga will also be used in burning the BONK tokens. Solana Mobile hinted at this possibility on Twitter, as reported by U.Today, when a user said that he might consider using BONK tokens to buy the phone if a part of the earnings will be burnt off.
For BONK, its journey is just getting started.
Tomiwabold Olajide
Denys Serhiichuk
Gamza Khanzadaev