1.69 trillion BONK tokens were officially burned during the community-driven holiday event “BURNmas,” sending the price of the Solana-based memecoin up from its December lows.
Burning of 1.69 trillion BONK Meme Coins
The BONK Decentralized Autonomous Organization (DAO) successfully burned 1.69 trillion BONK tokens through a multi-signature wallet on Thursday, December 26th.
According to a post from the X account, the burn exceeded the community’s 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 26th followed a revised proposal from BONK DAO that updated the original plan. The event, originally scheduled for December 25, was postponed after members voted to increase token burn from 1 trillion to 1.69 trillion.
BURNmas ended just over a month after $4 million worth of BONK tokens were removed from circulation due to BonkDAO’s previous token burn last November.
This move is part of BONK’s broader efforts to optimize token economics, increase token value, and maintain healthy market supply.
BONK price recovery
BURNmas initially appeared to be an underperformer, with the price of BONK dropping by more than 7%, but the token later recovered, becoming one of the few memecoins to post profits last week.
Over the past 24 hours, BONK is up 8.5% from a low of $0.00003004 and is trading at $0.00003269 at the time of writing, according to CoinMarketCap data.
Solana-based BONK is up nearly 29.6% over the past week, while most major dog-themed memecoins are up slightly, including Dogecoin (DOGE) up 11.4% and Shiba Inu (SHIB) up 12.8%.
All of these coins have seen double-digit declines over the past 30 days, coinciding with a broader cryptocurrency market sell-off as Bitcoin struggles to regain the $100,000 mark and low trading volumes due to the holidays.
On the flip side
- BONK is approaching the critical resistance level of $0.000034 and has been tested twice this week without breaking. If BONK breaks this resistance, it could signal further price rises.
Why This Matters
Token burning reduces the total supply of a cryptocurrency, increasing its scarcity and potentially increasing demand, which can support its price.
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