While notable developments are taking place in the Solana ecosystem, StonkFun announced a significant burn in its STONK token supply. Meanwhile, Backpack’s platform token, BP, experienced a strong surge, reaching an all-time high.
According to a statement by StonkFun, a Solana-based token issuance platform, 18% of STONK’s total supply has been burned. The platform generated a total of $1.09 million on September 24th, of which $672,362 was used for STONK buybacks.
Following the buybacks, a total of 2.05 million STONK tokens were burned and permanently removed from circulation. This brings the total amount of STONK burned to date to 18% of the total supply.
Another notable development in the Solana ecosystem was seen in Backpack’s platform token, BP. BP’s price surpassed $1.27, reaching a new all-time high. At the time of writing, the token was trading at $1.27, having gained approximately 48% in value over the past 24 hours.
The rise in BP shares is believed to be driven by expectations surrounding Backpack’s activities in the tokenized stock market.
*This is not investment advice.
