Solana community members considered the burn a step towards the legitimacy of the bonk_inu project by actively avoiding insider token sales and predatory behavior. By shauryamalwa
over three million BONK transactions were conducted over the past three days, suggesting active participation from holders. Unique BONK holding wallets have grown to over 86,000 as of Friday from under 25,000 at the start of this week.
However, large token sales have impeded bonk’s price rise, which is now over 2,000% in the past week. The tokens are down over 40% in the past 24 hours as early investors took profit and crypto exchanges, such as Bybit, introduced bonk futures, allowing traders to bet against the token. The quick rise of Bonk Inu, fashioned around the popular shiba inu dog breed which has spurred popular projects such as Shiba Inu and Dogecoin, can be attributed to several factors.
Last week, Bonk developers airdropped 50% of its entire token supply to several Solana-based NFT collections and creators, resulting in near-instant hype and a market for the project. Holders of a total of 297,000 individual Solana-based NFTs were said to receive the airdrop. Airdrops refer to an unsolicited distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses and are generally used as a tactic to gain users.
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