A meme asset called BONK, which is based on the Solana blockchain, has experienced a significant surge in value shortly after its community voted to burn a large portion of its supply. The decentralized autonomous organization (DAO) for BONK, known as BONK DAO, announced on the social media platform X that it has successfully passed a resolution to reduce the token’s supply by billions.

The community vote ended with an overwhelming majority of 418,625,159,192 votes in favor, representing a 99.9% support for the proposal to burn 278,393,137,215 billion BONK tokens. The original proposal, released on April 17th, stated that by burning the memecoin’s supply, its value would increase. BONK DAO plans to burn all of the BONK tokens in its Treasury, which were earned through its partnership with BONKbot, a Telegram-based bot for BONK trading that was launched last year.

The reduction in the total supply of BONK is expected to have a positive impact on the value of the token. Since the launch of BONKBot in late 2023, the community has expressed its desire for a corresponding burn from the DAO, similar to what BONKBot has been doing on an ongoing basis. By fulfilling this demand, BONK DAO aims to meet the expectations of its community.

On April 19th, BONK was trading at $0.000013. As of now, it is trading at $0.000025, resulting in a significant gain of 92%.

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