What's going on with BONK?

Token burning refers to the process of removing a certain amount of cryptocurrency from circulation. These tokens are usually sent to wallets where they cannot be spent or returned. This strategic move typically increases scarcity and helps increase the long-term value of the cryptocurrency. This is not the first time the team behind the memcoin project has burned tokens. In April, 99.99% of the community voted to burn 278 billion BONKs during a period when the entire market was in a surge.

However, BONK was able to take advantage of this event, increasing its price by 12% in just a few hours. This time, the token price first fell to $0.000021, and at the time of publication of the news it was trading at $0.000027. According to Santiment, this event led to an increase in social dominance.

If discussions around the token continue, the price may continue to move upward. For example, the above chart shows how high social dominance leads to higher prices for BONK