Solana-Based Meme Coin Massively Outperforms Shiba Inu and Dogecoin in a Week Amid 5,000,000,000,000 Token Burn

A new meme coin based on the Solana (SOL) blockchain is immensely outpacing its established rivals Shiba Inu (SHIB) and Dogecoin (DOGE) to open the year.

Bonk (BONK) is starting 2023 with a bang after posting astronomical gains in the first few days of 2023 despite the persistent crypto bear winter.

The new meme token opened the year at $0.0000002 and surged as high as $0.000004 on January 5th, marking gains of 1,900% in less than one week. The Shiba Inu and Dogecoin rival has given up some of its gains since and is trading at $0.000002 at time of writing. Despite the correction, BONK remains up 900% in about a week.

Meanwhile, BONK’s competitors are starting the year on a sluggish note. Leading meme coin DOGE is up 1.43% over the same timeframe, from $0.07 on January 1st to $0.071 at time of writing. Ethereum-based altcoin Shiba Inu is faring better than DOGE after rising 3.75% from $0.000008 on January 1st to $0.0000083 at time of writing.

Amid Bonk’s meteorical ascent last week, the developers behind the altcoin reveal that they have torched $10 million worth of BONK tokens.

“BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.

The five trillion BONK tokens allocated to ‘The Team’ have been burned.”

Solana explorer Solscan shows that BONK’s current supply has shrunk to 94.12 trillion tokens.

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Featured Image: Shutterstock/ngupakarti