BONK Price Gains 6% Following 500 Billion Token Burn
BONK's price was $0.000034 on July 24, following a volatility range of 16% between $0.000031 and $0.000037. It closed 0.86% lower on the day.
Solana memecoins experienced a market-wide decline of 10.2%, totaling $15.1 billion. BONK, however, gained 6%, being the only top 5 Solana meme token to close in the green.
The increase followed the team's announcement of a burn of 500 billion BONK tokens, generated from network fees.
500,000,000,000 $BONK was just burned based on fees generated at @bonk_fun
Data from Coinglass shows a 54% surge in BONK derivatives trading volume and a 12.5% rise in open interest, indicating increased trader interest.
BONK Price Outlook
Support remains at $0.000032 while bulls aim for $0.000040 resistance. If BONK surpasses $0.0000385 with sustained volume, a potential rise to $0.000042 could occur; failure to maintain above $0.000032 may lead to a drop towards $0.000028.
Interest in Solana Ecosystem
BONK's activity is driving interest in Solana projects like Solaxy, the first Layer 2 chain on the network, which is currently undergoing its presale. Solaxy offers 68% staking rewards and aims for efficient transactions across Solana's DeFi landscape.
