There has been a remarkable development in the cryptocurrency world: BonkDAO has launched a major burn campaign to increase the value of its popular meme coin project BONK and strengthen community support. Aiming to create scarcity by reducing the circulating supply, BonkDAO has made a quick start to the process by burning 100 billion BONK. Not only that, they announced that they plan to remove 1 trillion BONK from circulation by Christmas as part of an ambitious initiative called “BURNmas.”
Meme coin is burning
BonkDAO announced that it aims to aggressively burn the circulating BONK supply and has burned 100 billion BONK in this direction. This burn is part of BonkDAO’s ambitious initiative called BURNmas, which will last from November 15 to December 24, with the aim of burning 1 trillion BONK before Christmas. BonkDAO’s burn is aimed at reducing the total supply of BONK, creating scarcity and increasing the value of the tokens. According to BonkDAO, this massive burn event will demonstrate its long-term commitment to the BONK community and the sustainability of the token ecosystem.
BURNmas will be one of the largest token burns in the crypto world: 1 trillion BONK will be removed from circulation in one month. This will significantly reduce the total supply of BONK, alleviating inflationary pressure and increasing investor confidence. The BONK token managed to attract public attention with its strong support and viral marketing strategies earlier in the year. If successfully completed, this massive burn will solidify BONK’s status and show that BonkDAO is not only creating excitement, but also taking concrete steps to increase the value proposition of the token.
BONK surpasses WIF
In recent developments, BONK has surpassed WIF in market value, regaining the title of the largest meme coin on the Solana blockchain. BONK’s market value is currently $3.61 billion, while WIF’s market value is recorded at $3.53 billion. BONK has increased by 16 percent in the last 24 hours, becoming the leader among large-scale meme coins and drawing attention with its $2.6 billion trading volume. According to Coinbase data, BONK has taken the lead in meme coin trading volumes, leaving Dogecoin (DOGE), Pepe (PEPE), Shiba Inu (SHIB), and WIF behind with a trading volume of $384 million in the last 24 hours.
BONK is a community token designed to be integrated into dApps across the Solana network and to encourage user participation. The first dog-themed coin to be launched on Solana, BONK was introduced on December 25, 2022, and attracted attention with its user-focused design. It also attracted great attention with 50% of the total supply being distributed as an airdrop to Solana users. Similar to other meme coins like Dogecoin and Shiba Inu, BONK had a significant positive impact on SOL token prices. Trading began shortly thereafter, on December 30, 2022, and has sparked real interest among crypto enthusiasts.
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