Dear Readers,
When it comes to meme coins, these are considered an unique place in all of our minds.
Whenever we think meme coins, the DOGE Coin and SHIBA Inu will definitely come to our mind.
There were history that the meme coins outperformed in the markets and created many millionaires.
We also know very well that for every tweet of Elon Musk on DOGE Coin, contributed the spike of DOGE Coin for which he fondly referred to as the father of DOGE Coin too.
There were many meme coins in the series of DOGE and SHIBA Inu were released in the past.
In the recent past, the SOLANA based meme coin named, BONK was released on 25 December 2022. It was outperformed the earlier meme coins. Indeed 50% of the circulating supply was airdropped to the SOLA community- developers, traders and holders.
The new Solana based 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 a week.
Even though the Crypto markets were in deep bearish trends, BONK remains up 900% in about a week which has set a record.
BONK has also recorded over 4 million transactions in some time last week and recorded with the Daily Active Users (DAU) with the coin.
Indeed, this also contributed the SOLANA coin to gain more than 50% in a week.
It was understood that the 5 trillion BONK tokens allotted to the SOLANA team was burned which reduced the circulating supply. As a routine procedure, the coins often burns to reduce the circulating supply to raise the prices. But the burn of Bonk coins, reacted negatively with the prices.
At this time, I am writing this article Solana trades at $ 16.22 ( an increase of 21.87%) while BONK trades at $0.000001631 (a decrease of 17.81%).