Will The Rally Continue After The Bonk Burn?

Will The Rally Continue After The Bonk Burn?

Although a bullish chart has recently come to the fore in cryptocurrency exchanges, it would not be wrong to say that some coins have taken a step forward in this system. There is no doubt that BONK, which has recently attracted attention with its remarkable chart and project.

Bonk Has A Strong Infrastructure

Despite all these graphs, and the rise of the cryptocurrency exchange, we can see that BONK is on a downward trend. Investors say that despite the decline, the number of people entering the coin has increased. Of course, there is also a burn…

What about price expectations?

In early 2023, the performance of the Solana-based cryptocurrency is remarkable. The price of the Solana-based meme currency phenomenon Bonk is gradually recovering today after a turbulent price pattern for most of the week.

The ongoing downward and then upward trend can be attributed to an optimistic Twitter statement from the BONK team. Specifically, the meme that wants to lead the burn wants to drive the currency price higher.

Will The Rally Continue After The Bonk Burn?

According to Bonk, the token burn is starting to influence the trends of the meme deflationary coin compared to Ethereum (ETH).

A Battle of Deflationary Assets

Ethereum became a full-fledged deflationary asset in August 2021 when the London hard fork, or EIP 1559, was activated. We could argue that the meme currency represents the same thing.

The burn rate of BONK makes the meme coin 200 times more deflationary than Ethereum. While it was previously reported that BONK could be burned via the long-awaited Solana phone, the meme coin stated on Twitter that its total supply includes other utilities that will cause it to depreciate even more aggressively.

This week, Bonk has lost more than 31% of its value. It has fallen significantly since the beginning of the year. Currently, the Meme coin seems to be quietly recovering. It has gained 2.15% in the last twenty-four hours and is currently trading at $0.000001152.

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