The developers behind Solana-based meme coin BONK burned their allocation of 5 trillion BONK tokens early Friday, in a bid to stem the token’s bearish momentum.

After the token burn event, which saw nearly $1 million worth of BONK removed from circulation, BONK’s circulating supply shrunk 5% to 94.16 trillion, per data from Solana block explorer Solscan.

A token burn is a standard process to reduce a cryptocurrency’s supply, which—so the theory goes—can lead to an increase in the prices of the asset.

But BONK reacted otherwise.

BONK price fall continues

At the time of the token burn, each BONK token changed hands at around $0.00000244, per data from CoinGecko. Since then, the token has lost around 12% in value and trades at $0.00000192 as of this writing.

Over the past 24 hours, BONK has lost nearly 50% of its value, despite the dev team’s token burn.

However, that pales in comparison to the meme coin’s weekly performance, which has seen BONK surge by 2,015%. BONK’s performance has also lifted Solana, which is up around 35% on the week (albeit dropping by around 2% in the past 24 hours).

Strong user activity

Despite its short-term adverse price action, BONK saw strong growth in user activity over the past week.

According to data from Dune Analytics, BONK has recorded over 4 million transactions over the past three days, a figure slightly higher than the total amount of transactions processed by the Ethereum blockchain over the same period.

The token has also seen its daily active users (DAU) increase over the past week. Nearly 15,000 users have interacted with the token over the past three days.

Daily active users is a measure to track the user activity associated with a dapp or cryptocurrency. The higher the value, the more interest in the token prevails in the market.

As of this writing, more than 103,759 wallet addresses hold BONK tokens, a figure that saw a 99.9% increase since December 25, 2022, per data from Solscan.