The meme-inspired cryptocurrency that was recently launched on top of the Solana ($SOL) network, $BONK, has seen the team behind the project burn a total of 5 trillion tokens that were allocated to them, at a time in which the digital asset\u2019s price is dropping.<\/p>\n
In a tweet shared with the project\u2019s nearly 100,000 followers on the microblogging platform Twitter, the team said $BONK \u201crepresents the best of Solana,\u201d and added the community is \u201cworking together across the ecosystem to make positive change for all of us.\u201d<\/p>\n
The team followed up with a tweet pointing to the transaction in which the 5 trillion $BONK tokens were burned. The token burn came after the cryptocurrency\u2019s price started plunging after rallying around 2,000% shortly after launch.<\/p>\n
The cryptocurrency\u2019s community reacted positively to the move, which showed that the team behind the meme-inspired cryptocurrency isn\u2019t dumping tokens on the market and decided instead to burn them by moving them to an address that isn\u2019t under anyone\u2019s control.<\/p>\n
Notably, CryptoCompare\u2019s latest Asset Report reveals that the 7-day average active addresses on the Solana ($SOL) ecosystem has surged from 378.2 million at the end of last year to 490.5 million as of January 7 representing an increase of 29.7% in so little time.<\/p>\n
The increase is partly attributed to $BONK, which was airdropped to Solana NFT holders, effectively targeting the most active within the network, and to support from Ethereum co-founder Vitalik Buterin.<\/p>\n
As reported, a former Goldman Sachs executive, Raoul Pal, is bullish on Solana. Pal said that Solana is \u201cbuilding a consumer chain\u201d and has done deals with Meta, Google, Discord, and others, and has a store in Manhattan selling Solana merchandise.<\/p>\n
He believes that the use of NFTs and other digital assets is only going to explode in the next few years and Solana reminds him of Ethereum back in 2018 when it was down 97% and nobody cared about it.<\/p>\n
Featured Image via\u00a0Bonk\u2019s website<\/p>\n