Alleged Shiba Inu (SHIB) killer Bonk (BONK) continues its strong start as a meme currency by hitting new milestones, including surpassing the total number of transactions on the Ethereum (ETH) network. According to a tweet From the official meme coin account, the token has recorded a total of 4,623,518 transactions in the past 14 days, a figure that exceeds Ethereum’s 1,831.79 million by more than 50 percent.
Based on data from a community dashboard, $BONK has had more transactions over the last three days than Ethereum had over the same period of time.
That’s the power of Solana. pic.twitter.com/j9frZCazwJ
– Bonk! (@bonk_inu) January 6, 2023
BONK caused a stir in the cryptographic community when it introduced itself as the first token focused on dogs on the Solana blockchain network. With the crypto ecosystem looking for a thrill, many jumped at the chance to buy the token, pushing its price to a considerably high level.
At the time of writing, Bonk is changing hands at $0.000001925, down 56.68% in the past 24 hours. Despite the massive collapse in the token’s price, it is still up over 2,000% in the last seven days. As a new meme currency, Bonk is on pace to break Shiba Inu and Dogecoin’s (DOGE) record performance, and many in its community believe its bullish momentum is only getting stronger.
BONK token burn thrill
The BONK token may be a young meme coin, but it has a very unique design, one of which is its deflationary nature. So far, the BONK token has burned over 500 billion tokens out of the 56 trillion coins in circulation.
Among the design of the coin’s burning mechanism, it is likely that Solana’s new Saga cell phone will also be used to burn BONK tokens. Solana Mobile hinted at this possibility on Twitter, as reported by U.Today, when a user said he might consider using BONK tokens to buy the phone if some of the winnings were burned.
For BONK, the journey is just beginning.