Crypto
StonkFun Burns 18% of STONK Supply Amid BP Price Surge
StonkFun, a Solana-based token issuance platform, announced a significant milestone in its $STONK token supply. The platform revealed that it had burned 18% of the total $STONK tokens, totaling 2.05 million units, which were permanently removed from circulation.
This burn was made possible by the funds generated on September 24th, where StonkFun earned a total of $1.09 million. Of this amount, $672,362 was used for $STONK buybacks, contributing to the overall token burn.
The burn has sparked attention in the Solana ecosystem, with the price of Backpack's platform token, BP, experiencing a significant surge. On September 24th, BP reached an all-time high of $1.27, representing a 48% increase in value over the past 24 hours.