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Memecoin BONK will burn 1.69 trillion tokens: 2% of total supply
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BONK, a dog-themed memecoin built on the Solana blockchain, announced the burning of 1.69 trillion tokensvalued at approximately US$54 millionduring the event BURNmas. The burning represents approximately 2% of total supply of the cryptocurrency and will occur after community approval through a vote in the DAO.
The announcement follows a burn that took place on November 13th. At the time, BONK removed from the market $3.15 million in tokens. The event boosted the price of BONK by more than 50%leading its market value to reach an all-time high of US$4 billion.
However, since then, the market capitalization has fallen and is currently US$2.3 billionaccording to data from CoinGecko. Meanwhile, the BONK token price rose up more than 8% in the last 24 hours to $0.0000338.
The initiative began with a proposal made in November 14th to the BONK community to celebrate the second anniversary from memecoin. The original plan suggested burning 1 trillion BONK tokens.
To achieve this goal, the proposal encouraged interactions on social networks, with 1,000 BONK burned for every tweet with the hashtag #LetsBONK and 10,000 BONK for every new follower on official Instagram and TikTok accounts.
However, community engagement exceeded initial expectations, bringing the total number of tokens to be burned to 1.69 trillion.
Token burns are a common strategy in cryptocurrency projects to reduce circulating supplypotentially increasing the value of the remaining tokens. Therefore, the BURNmas initiative is an effort by the BONK community in promote greater scarcity and consolidate the relevance of memecoin in the Solana ecosystem.
It is worth mentioning that, in the competitive memecoin market, it is important to always innovate so as not to lose space. In the last week, the cryptocurrency meme PENGUlinked to the Pudgy Penguins NFT community, surpassed the BONK, temporarily becoming the largest memecoin in the Solana ecosystem.
With the most recent rise, BONK managed to regain this position, as its market value jumped to US$2.57 billion. Meanwhile, PENGU’s market cap is at US$2.27 billion.
Memecoin BONK will burn 1.69 trillion tokens: 2% of total supply
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Memecoin BONK will burn 1.69 trillion tokens: 2% of total supply
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Memecoin BONK will burn 1.69 trillion tokens: 2% of total supply
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Memecoin BONK will burn 1.69 trillion tokens: 2% of total supply
