1.69 trillion BONK tokens have been officially burned during the community-driven holiday event, “BURNmas,” pushing Solana-based memecoin’s price up from its December lows.
Burned 1.69 Trillion BONK Memecoins
The BONK Decentralized Autonomous Organization (DAO) successfully executed a significant burn of 1.69 trillion BONK tokens on Thursday, December 26, via its multi-signature wallet.
According to a post on its X account, the burn surpassed community expectations, permanently removing nearly $52 million worth of tokens from circulation
This burn represents 1.85% of the 90.97 trillion BONK tokens currently in circulation, down from the original supply of 100 trillion.
The “BURNmas” event, held on December 26, followed a revised proposal from BONK DAO that updated the original plan. Initially scheduled for December 25, the event was delayed after members voted to increase the burn from 1 trillion to 1.69 trillion tokens.
BURNmas concluded more than a month after BonkDAO’s previous token burn in November, which removed $4 million worth of BONK tokens from circulation.
The move is part of BONK’s broader efforts to optimize its tokenomics, boost the token’s value, and maintain a healthy market supply.
BONK Price Recovers
Although BURNmas initially appeared to underperform, with BONK’s price dropping over 7%, the token later recovered, making it one of the few memecoins to register gains over the past week.
In the past 24 hours, BONK is up 8.5% from its low of $0.00003004 and is trading at $0.00003269 at the time of writing, according to CoinMarketCap data.
The Solana-based BONK has risen nearly 29.6% in the past week, while most major dog-themed memecoins saw more modest gains, with Dogecoin (DOGE) up 11.4% and Shiba Inu (SHIB) gaining 12.8%.
All these coins have seen double-digit declines over the past 30 days, coinciding with a broader crypto market sell-off as Bitcoin struggled to regain the $100k mark and holiday-induced low trading volumes.
On the Flipside
- BONK is approaching a critical resistance level at $0.000034, which it has tested twice this week without breaking. If BONK breaks through this resistance, it could signal further price gains.
Why This Matters
Token burns reduce the total supply of a cryptocurrency, which can increase scarcity and potentially drive up demand, supporting its price.
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