This project, powered by the Solana meme community, aims to burn $54.52 million worth of tokens to increase BONK demand in the crypto market.
As part of the community holiday celebration called “BURNmas,” BonkDAO has unveiled an ambitious plan to burn 1.69 trillion Bonk (BONK) tokens, or $54.52 million. By reducing the amount of BONK in circulation, this deliberate move aims to make it more scarce and may impact market dynamics.
Approximately 1.8% of BONK’s total supply, which currently stands at approximately 92.7 trillion tokens, will be burned. According to officials, BonkDAO will conduct the burn through a multi-signature vote, highlighting the project’s community-driven governance.
At the time of writing, BONK is trading at $0.0000330, with a market cap of $2.51 billion and a 24-hour trading volume of approximately $279.21 million. The price of the token fluctuated leading up to the burn event as investors speculate on the impact of reduced supply.
BONK’s close connection to the Solana (SOL) blockchain and its ecosystem has often resulted in price increases when Solana experiences positive momentum. The upcoming fire could reinforce this dynamic and position BONK for increased market attention from crypto investors.
