Solana-based meme coin BONK continued to defy the broader market pullback. becoming the second-highest gainer in the last 24 hours.
The speculation has resulted in a sharp increase in daily trading volumes, hitting levels last seen more than a month ago, AMBCrypto noted using Santiment’s data.The ongoing rally might have been spurred by a proposal by the BONK DAO to burn nearly 280 billion BONK tokens from its treasury, and its subsequent
Token burning has become one of the most sought-after events in the crypto industry over the year. Several projects look for ways to apply deflationary pressure on the coin by permanently removing a portion of its supply. Anticipating a price increase for BONK due to the supply shock, many users might have been tempted to grab the coin.The optimism was also apparent in the way the futures traders were betting on BONK. The number of traders longing the coin rose sharply over the week, and exceeded the number of shorts as of this writing, as per AMBCrypto’s analysis of Coinglass’ data.
Most of the discussions on these forums were optimistic on the coin’s prospects, as explained by the positive weighted sentiment indicator.Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.
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