BONKDAO has announced plans to burn 1.69 trillion $BONK tokens, valued at approximately $54.52 million, as part of its holiday-themed event, “BURNmas.” The event, which began on November 15, 2024, invites the BONK community to participate in various activities such as tweeting #LetsBonk and engaging in BONKbets to contribute to the deflationary process.

Key Details:

  • Total Tokens to Be Burned: 1.69 trillion $BONK (~$54.52M)
  • Burn Event Start Date: November 15, 2024
  • Total Supply: 92.7 trillion $BONK
  • Tokens to Be Burned by Christmas: 1 trillion, or 1.8% of total supply
  • Recent Price Movement: $0.00003188 (down 2.32% in the past 24 hours)

Impact of the Burn

The BURNmas event is designed to reduce the circulating supply of $BONK, potentially increasing the token’s scarcity and boosting its value. Token burns are a popular mechanism in the meme coin space, often leading to temporary price surges due to perceived scarcity and reduced inflationary pressure.

In a similar burn event in November 2024, BONK’s market cap surged by 75%, surpassing the $4 billion mark. This previous spike in value has led to growing speculation that the current burn could have an even more significant impact on the token’s price and market dynamics.

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Community Participation and Speculation

BONKDAO is leveraging community engagement to drive the burn event, encouraging users to participate in social media campaigns and betting activities. This community-driven initiative has the potential to increase visibility for $BONK and further fuel demand for the token, leading to more deflationary effects.

Price and Market Dynamics

While $BONK’s price remains volatile, the token burn could lead to a short-term price rally as investors anticipate a reduced supply. Historically, BONK’s value has shown some correlation with Solana’s momentum, with both tokens often moving in tandem. If the burn succeeds in reducing the circulating supply by a significant margin, it may amplify the SOL-BONK correlation, adding further upward pressure on both tokens.

Looking Ahead

As BONKDAO prepares for this massive burn event, all eyes will be on how the BURNmas celebration unfolds, with many speculating on the price effects. The upcoming burn will likely be a pivotal moment for $BONK as it continues to capture attention in the meme coin and cryptocurrency markets.

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