The price of BONK, a Solana-based meme coin, skyrocketed by over 21% on July 9, 2024, following the announcement of a major token burn proposal. The surge comes as the BONK decentralized autonomous organization (DAO) revealed plans to burn 84 billion tokens from its treasury—a move aimed at reducing supply and boosting long-term value.
Markets responded swiftly, with BONK breaking out of a short-term bearish trend and showing strong bullish momentum across technical indicators. This development highlights growing investor confidence in BONK’s tokenomics and community-driven governance model.
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BONK Price Jumps 21.62% in 24 Hours
According to Pintu Market data, BONK’s price surged by 21.62% within 24 hours on July 9, 2024. The token rose from an intraday low of approximately $0.00002 (or IDR 0.3515) to a high of IDR 0.4365, reflecting strong buying pressure after the burn news went public.
At the time of writing, BONK’s market capitalization stood at $1.79 billion**, with daily trading volume spiking **64.63% to $522.73 million, per CoinMarketCap. This sharp increase in volume suggests heightened market participation and renewed interest in the memecoin sector, particularly among traders focused on supply-altering events.
The rapid price reaction underscores how market sentiment can shift dramatically based on governance decisions made within decentralized communities.
The 84 Billion BONK Token Burn Proposal
On July 8, 2024, the official BONK DAO Twitter account announced a new proposal:
"BONK DAO has received a proposal to BURN ~84B BONK from its Treasury representing the Q2 amount of BONK sent to the DAO from BONKBot. All BONK locked on BonkRewards is now able to vote on community proposals."
This means that 84 billion BONK tokens—equivalent to the quarterly allocation received from BONKBot during Q2 2024—could be permanently removed from circulation if the proposal passes community voting.
While the final decision rests with token holders through a decentralized vote, the mere announcement has already influenced market dynamics. Historically, such deflationary mechanisms tend to create positive price momentum by increasing scarcity and reinforcing investor trust.
This isn't the first time BONK has pursued aggressive token burns. In April 2024, the community approved the burning of 278.39 trillion BONK tokens—a massive reduction that cleared nearly 5% of the total supply. That vote passed with overwhelming support: 99.9% in favor, signaling strong alignment between developers and holders.
Such consistent actions reinforce BONK’s positioning not just as a meme coin, but as a project actively managing its economic model through transparent, community-led initiatives.
👉 Learn how decentralized voting shapes the future of crypto projects and why participation matters.
Why Token Burns Matter for Cryptocurrency Value
Token burning is a strategic mechanism used to reduce circulating supply, thereby increasing scarcity. When demand remains constant or grows while supply decreases, basic economic principles suggest upward pressure on price.
For meme coins like BONK—which often face skepticism due to their speculative nature—regular burns serve multiple purposes:
- Signal commitment from the core team and DAO.
- Align incentives between early adopters and long-term holders.
- Counteract inflation caused by large initial supplies.
- Boost market confidence through tangible action.
In BONK’s case, these burns are tied directly to revenue generated via ecosystem tools like BONKBot, making them sustainable and predictable rather than arbitrary.
Technical Analysis: Bullish Momentum Builds
Technical indicators point to sustained bullish momentum in the BONK/USD pair as of July 9, 2024.
The Money Flow Index (MFI) stands at 53.22, indicating healthy buying pressure and positive capital inflow into the asset. An MFI above 50 generally reflects accumulation phases where buyers dominate.
Meanwhile, the Moving Average Convergence Divergence (MACD) has crossed into positive territory and is now trading above its signal line—an established sign of strengthening bullish trends. Additionally, the MACD histogram is forming higher bars, suggesting accelerating upward momentum.
On the 4-hour chart, BONK formed a double-bottom reversal pattern, often seen as a bullish signal after a downtrend. With this setup confirmed, analysts project a potential upside target of $0.00003600, representing significant upside from current levels.
Combined with rising trading volume and improving on-chain metrics, these signals suggest that the recent rally may have room to extend—especially if the burn proposal gains approval.
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These keywords naturally align with search queries related to price movements, tokenomics updates, and investment analysis in the fast-moving memecoin space.
Frequently Asked Questions (FAQ)
What is the BONK token burn proposal?
The BONK DAO has proposed burning 84 billion tokens from its treasury—the equivalent of Q2 2024 rewards from BONKBot. If approved by community vote, these tokens will be permanently removed from circulation to reduce supply and increase scarcity.
How does a token burn affect BONK’s price?
By reducing the total circulating supply, token burns create deflationary pressure. When demand stays steady or increases, lower supply typically leads to higher prices. Past burns have historically triggered positive price reactions for BONK.
Is BONK a good investment?
BONK carries high volatility typical of meme coins. While recent governance actions show strong community engagement and strategic planning, investors should conduct independent research and only invest risk capital they can afford to lose.
How can I participate in BONK DAO voting?
Users who have locked BONK tokens in BonkRewards are eligible to vote on governance proposals. Participation requires connecting your wallet to the official voting platform linked through the BONK DAO’s social channels.
Why are meme coins like BONK gaining attention again?
Meme coins are regaining traction due to renewed retail interest, improved utility (e.g., tipping bots, NFT integrations), and proactive supply management like token burns. Projects with active communities and transparent roadmaps stand out in this competitive niche.
What factors could influence BONK’s future price?
Key drivers include: outcome of governance votes, overall crypto market sentiment, Solana ecosystem growth, adoption of BONK-powered applications, and macroeconomic conditions affecting risk assets.
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Final Thoughts
The latest surge in BONK’s price reflects more than just hype—it signals growing recognition of its evolving economic model and decentralized governance strength. With consistent token burns, active community participation, and favorable technical patterns, BONK is carving a unique path in the crowded memecoin landscape.
While risks remain due to inherent volatility, the project’s commitment to transparency and scarcity-driven value creation sets it apart from many peers. As decentralized decision-making continues to shape its trajectory, investors watching the space may find BONK worth monitoring closely in the months ahead.