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The BONK price declined by 7% in the last 24 hours despite the BURNmas event removing $51 million worth of coins from circulation. Bonk’s team had initially promised to execute the burn on Christmas Day but delayed it until Dec. 26.
Despite a token burn event that removed 1.69 trillion BONK tokens worth over $51 million out of circulation, the Solana-based meme coin Bonk couldn’t get out of the broader crypto slump.
A token-burning event, “BURNmas,” was announced in late November, aiming to burn 1 trillion tokens. The team behind this doge-themed coin proposed to burn 1,000 BONK for every X post with the hashtag #LetsBONK and 10,000 BONK for each new follower on Instagram and TikTok.
The target was eventually surpassed, and BonkDAO members approved an updated proposal to burn 1.69 trillion BONK tokens on Dec. 26 at 5:40 PM UTC. The burned tokens represent 1.85% of the 90.97 trillion BONK tokens currently circulating, down from 100 trillion, according to CoinGecko.
Bonk Price Declines
This common strategy of burning tokens did not lead to the desired results for BONK. Despite multiple token burns, including the massive 1.69 trillion burn yesterday, the meme coin has declined by 7.2%. This has also brought down the crypto’s market cap to $2.3 billion.
The decision to burn tokens is not new for the meme coin’s team, as they previously burned 100 billion BONK tokens on Nov. 13. In the week after this burn, the token’s price surged by 56% and BONK also reached a new all-time high market cap of $4.38 billion.
Among users, there are doubts and dissatisfaction regarding the missed Christmas Day burn, as promised. Many feel let down by the Bonk team postponing the token-burning event, accusing them of not having clear communication with users.
@TheOnlyNom can you guys set a date and time for the vote and the burn. This is honestly starting to feel like a scam for everyone that participated and are holding bonk. Everyone expected the burn to happen on Christmas which was stated by you guys. Now we don’t have a date or…
— BestBets🎲 (@BestBets__) December 26, 2024
Is Solaxy The Next Big Solana Meme Coin?
Despite BONK’s 7% decline, it remains the fourth-largest meme coin in a $105 billion market. For investors seeking other opportunities, Solaxy (SOLX), a new Solana layer-2 meme coin, is rapidly gaining traction with nearly $6 million raised in its presale.
The project aims to provide fast, low-cost transactions with unique community-driven features, offering users fresh opportunities in the Solana ecosystem.
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