The Bonk (BONK) token experienced a 7.2% decline in price following the recent token-burning event, which successfully removed 1.69 trillion BONK tokens.
The Bonk (BONK) token experienced a 7.2% decline in price following the recent token-burning event, which successfully removed 1.69 trillion BONK tokens—valued at over $51 million—from circulation.
The event, dubbed “BURNmas,” was initially scheduled for Dec. 25 but took place a day later on Dec. 26 at 5:40 p.m. UTC.
This substantial burn reportedly accounted for 1.85% of the total circulating supply, reducing it from 100 trillion to approximately 90.97 trillion BONK tokens. The Bonk team had proposed burning 1 trillion tokens through community engagement on social media, offering to burn 1,000 BONK for posts that used the hashtag #LetsBONK and 10,000 BONK for each new follower on platforms like Instagram and TikTok.
Despite the burning initiative, BONK's market performance has not mirrored the success of a previous burn event on Nov. 13, which saw the token price surge by 56%, reaching an all-time high market cap of $4.38 billion.
Following the December burn, the current market cap stands at $2.3 billion amid a broader downturn in the crypto market.
Community sentiment has been mixed, with some Bonk supporters expressing disappointment over the delayed burn execution. Comments from users on social media indicated frustration toward the Bonk team for not adhering to their initial timeline, which may have contributed to the token's price decline.
As of now, BONK remains the fourth-largest meme coin in the cryptocurrency market, trailing behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which collectively represent a market that has grown to $105 billion.
The token's recent performance raises questions about future strategies and community trust in the Bonk project.
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