A Solana-based (SOL) meme item has nearly doubled in size just days after the community overwhelmingly passed a resolution to burn the stock.
In a new one announcement on social media platform
“The BONK DAO Community Proposal to BURN 278,393,137,215 Billion BONK was passed by a Council vote… The Community vote ended with 418,625,159,192 votes in favor, representing 99.9% support for the proposal.”
In the original proposal, which was released on April 17, BONK DAO said that burning the supply of memecoin would increase its value. The DAO said it would burn all BONK in its treasury earned from the deal with BONKbot, a Telegram-based BONK trading bot launched last year.
“BONK DAO proposes to burn 278,393,137,215 billion BONK from its treasury, representing 100% of the BONK earned by BONK DAO from the revenue sharing agreement with BONKBot since its launch in late 2023…
By burning BONK, the DAO reduces the total supply of BONK, which can be positive for the token value. By burning all BONK money earned, the BONK DAO recognizes the community’s desire to receive a corresponding burn from the DAO, as is done by BONKBot on an ongoing basis.”
On April 19, BONK was trading at $0.000013. At the time of writing, the stock is trading at $0.000025, a gain of 92%.
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Generated image: Midjourney