A meme asset built on the Solana blockchain, known as SOL, has experienced a significant surge in value after its community voted to burn a large portion of its supply. The decentralized autonomous organization (DAO) for the memecoin Bonk, called BONK, made the announcement on the social media platform X, stating that they have decided to reduce the token’s supply by billions.

The proposal to burn 278,393,137,215 billion BONK tokens was passed with overwhelming support from the BONK DAO community. A total of 418,625,159,192 votes were in favor of the proposal, representing a 99.9% approval rate.

The original proposal, released on April 17th, explained that by burning a portion of the memecoin’s supply, its value would increase. The DAO stated that they would be burning all of the BONK tokens in their Treasury, which were earned through their partnership with BONKbot, a Telegram-based bot for BONK trading that was launched last year.

The burning of BONK tokens will result in a reduction of the total supply, which can have a positive impact on the token’s value. It also serves as a response to the community’s desire for a corresponding burn from the DAO, similar to the ongoing burns performed by BONKbot.

On April 19th, BONK was trading at $0.000013. As of now, it is trading at $0.000025, marking a 92% increase in value.

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