The cryptocurrency market remains in a state of consolidation, with Bitcoin (BTC) struggling to hold above $95,000. While altcoins show mixed performances, a recent token burn campaign by the meme coin BONK has drawn attention. Despite the burn—a move typically expected to reduce supply and boost price—BONK’s value continues to decline.
BONK Burns $51 Million Worth of Tokens
As reported by The Bit Journal, the Solana-based meme coin BONK has burned a staggering 1.69 trillion tokens worth over $51 million. This initiative was part of a broader effort to stabilize its price amid a bearish market. The burned tokens represent 1.85% of BONK’s circulating supply, which previously stood at 90.97 trillion tokens.
In late November, the BONK team proposed the #LetsBONK initiative, planning to burn 1 trillion tokens by December 25 as part of the “BURNmas” campaign. The community’s enthusiasm pushed the burn beyond its initial target. However, these efforts failed to reverse the token’s downward trajectory amid broader crypto market declines.
Price Decline Despite Reduced Supply
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Token burns are a widely used strategy to create a favorable supply-demand dynamic. Historically, BONK saw success in November when a 100 billion token burn led to a 56% price surge, with its market capitalization reaching an all-time high of $4.38 billion.
However, the latest burn event coincided with a general market downturn, preventing a similar rally. BONK’s market cap has dropped to $2.3 billion, reflecting a 7.2% decline in its price. Community frustration may also have contributed to the negative sentiment. Critics on X (formerly Twitter) expressed disappointment over delayed promises, with users citing poor communication from the BONK team as a factor affecting confidence.
BONK’s Position Among Meme Coins
Despite the setbacks, BONK remains the fourth-largest meme coin, trailing behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) in a $105 billion meme coin market. While BONK’s burn efforts have yet to yield the desired results, its position in the market highlights its continued relevance among meme coin enthusiasts.
As The Bit Journal continues to monitor the evolving meme coin space, BONK’s next moves—and its community’s reaction—will be crucial in determining its trajectory.
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Disclaimer
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