SHIB Rival BONK Can Be Burned by Solana Phone – Is the Token Worth an Investment?
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keen observers in the digital currency ecosystem, the name Bonk (BONK) must have been ringing a bell. The memecoin is a Solana-based digital currency that is now being paraded as a viable Shiba Inu (SHIB) killer. The coin boasts itself as the first dog token on Solana and with its targeted milestones and growing community, it has recorded impressive price strides over the past 7 days.
For the coin that hasrecently been launched, BONK has recorded a growth of 3034.4% over the past week and is trading at $0.00000280 per data from CoinMarketCap. Its growth has been tapering down over the past 24 hours but it remains the most vibrant memecoin this year by ecosystem activities, functional partnerships, and trading volumes.
As a memecoin, BONK boasts of a circulating supply of 56 trillion tokens atop a total supply of 100 trillion. As customary to memecoins and most decentralized protocols, BONK has infused in it a burn mechanism that recently saw as much as 500 billion tokens.
In its proceeding burn events, there are chances that the Solana Phone Saga may support the burning mechanism. The phone was introduced last year and its first set of orders has been shipped across the world. As a Solana-based smartphone, Saga can support a significant number of events on the blockchain.
The official Solana Mobile account on Twitter shared the hints on its official account when it tweeted a question asking its followers if they will purchase the phone using BONK tokens. A follower with the username @DoubleDCH said he will consider buying the phone if Solana Mobile will consider burning a portion of the tokens they will earn through the sales.
In response, the Solana Mobile account tweeted “stay tuned.”
Is BONK Token Investment Worth the Hype?
Memecoins are generally known to be the most volatile of digital currencies, a feature that contributes to their growth and also mars them.
When compared to Shiba Inu which has grown by as much as 10,533,193.25% since its All-Time Low (ATL) of $0.000000000082 attained back in September 2020, the future looks bright when projected for the long term. Shiba Inu’s growth is still as high despite the almost year-long crypto winter that has dampened the prices of most digital assets.
With the gloom that is currently in the broader industry, retail investors are keenly looking for a new thrill to invest their cash in. The sentiment favors BONK which has amassed more than 70,000 followers on Twitter in its short stint. As the pioneering memecoin on Solana, the coin will have the first mover advantage as other competing tokens might spring up.
While Crypto-News Flash is not endorsing an investment in BONK tokens, chances are there that the memecoin will trail its existing coins in their moments of bullish runs, thus increasing the likelihood that investors now can get a good return for their investments post-crypto winter era.
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