Recently, BONK (CRYPTO:BONK), a meme token based on the Solana (CRYPTO:SOL) blockchain, experienced a notable surge in its value, with weekly gains soaring above 70%.

This uptick came after the token's community members cast their votes in support of a proposal to burn a portion of the token supply.

Despite this, the broader market for meme coins, including BONK, faced a downturn in April, with BONK's value taking a significant hit, plummeting by 70%.

This volatility underscores the unpredictable nature of meme coins and the impact of community-driven initiatives on their market performance.