Hey there, meme token enthusiasts! If you're knee-deep in the Solana ecosystem, you've probably heard the buzz around Graphite Protocol and its native token, $GP. This project is making waves by powering innovative tools for memecoin launches, and they've just dropped a bombshell update that's got everyone talking.

In a recent announcement on X, the Graphite Protocol team revealed they've burned a whopping 4.7% of $GP's total supply. This burn comes straight from their buyback program, fueled by revenues from LetsBonk.fun, a cutting-edge platform for launching and engaging with memecoins on Solana. For those new to the term, a "token burn" means permanently removing tokens from circulation—think of it as reducing the total supply to potentially increase scarcity and value for existing holders. It's like trimming the fat to make the whole thing leaner and meaner.

As you can see in the screenshot from their post, Graphite holds a 38% ownership stake in the partnership, with 7.6% of revenues directed toward these buybacks. To date, they've bought back over $4.1 million worth of $GP, representing about 4.46% of the total supply. This latest burn translates to millions in value going up in smoke—in a good way for investors. The move is part of a broader strategy to reward holders and stabilize the token's economics, especially as LetsBonk.fun continues to dominate the memecoin launch scene, generating hundreds of thousands in daily fees.

Graphite Protocol isn't just about burns; they're the tech brains behind platforms like LetsBonk.fun, a joint venture with the popular $BONK token. This self-serving launchpad lets creators deploy memecoins effortlessly while fostering community engagement. By allocating a portion of fees (around 7-7.6%) to buy and burn $GP, Graphite creates a deflationary mechanism that could drive long-term growth. Recent reports show the platform raking in $300k+ in daily fees at peak times, making $GP a proxy play for the booming Solana memecoin market.

Looking ahead, the team teased that their official website and whitepaper will launch this week. This is huge for transparency—expect details on tokenomics, future roadmaps, and how Graphite plans to expand its toolkit for blockchain builders. With $GP currently trading around $1.60-$1.80 (check live prices on CoinMarketCap), this burn could spark renewed interest amid Solana's meme frenzy.

If you're into deflationary tokens or Solana plays, keep an eye on $GP. Moves like this buyback burn show a commitment to value creation, setting Graphite apart in the crowded meme space. What do you think—bullish on $GP? Dive into the original thread on X for more details and join the conversation.

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