Bonk Price Dips 50% Despite Massive Burn. Rugpull?

• BONK price declined by more than 50 percent
• Massive token selling continues in the BONK network
• BONK burns more than 5% of its entire total supply

Massive token sell-outs have slowed the price increase of bonk, which has surpassed 2,000% in the past week. In the past 24 hours, BONK has declined by more than 50 percent as early investors sold their holdings for a profit. 

Read CRYPTONEWSLAND on google news

Despite the massive burn made by the team behind BONK, the price continues to plummet. In a tweet, CNL, a trusted news media in the crypto space, responded to this.

According to blockchain statistics, developers behind the Solana-based meme coin project Bonk Inu (BONK) burnt more than 5 trillion tokens, or 5% of the entire supply, earlier on Friday. The move purportedly burned all tokens designated for the project’s developers.

Members of the Solana community viewed the burn as a step toward legitimizing the Bonk Inu project. A project that considers itself a token for the people, by the people that avoids insider token sales and exploitative activity.

The rapid ascent of Bonk Inu, modeled after the iconic Shiba Inu dog breed that inspired popular initiatives such as Shiba Inu and Dogecoin, can be factors to consider.

Furthermore, in the past three days, nearly three million BONK transactions have been made, indicating holders’ high level of activity. Last week, the number of unique BONK-holding wallets increased to over 86,000 from less than 25,000 at the beginning of the week.

In other news, CNL tweeted that a court had declared that Celsius customers have waived their legal rights to their BTC by utilizing the platform. As a result, Celsius is now the owner of all the crypto deposits worth $4.2 billion.

Recommended news:

• Solana Dog Shitcoin “BONK” is up 1400% in the Past Week
• New DEX To Burn LUNC, Fix Terra Ecosystem
• Axie Infinity Releases New SLP Burning Tool
• Shiba Inu Unveiled SHIB Burn’s SB Visa Card
• Binance Reverses its Stance on LUNC Burn Mechanism