BonkDAO Plans to Burn 1.69 Trillion BONK Tokens Worth $54 Million
Solana meme coin BONK is poised for a potential bullish surge as BonkDAO plans a holiday celebration called "BURNmas," targeting the removal of 1.69 trillion BONK tokens valued at $54 million from circulation. This token burn could positively impact the BONK price by altering supply dynamics and restoring bullish sentiment.
Hey BONKers, a quick BURNmas Update:
During the campaign, the BONK community exceeded The Dog's (and the DAO's) expectations and REALLY showed up❗️❗️❗️
The final number of $BONK gathered by these incentives is over 1,690,000,000,000🔥
All that remains now is a DAO multisig… pic.twitter.com/GtZ16u3FK7
— BONK!!! (@bonk_inu) December 25, 2024
BonkDAO aims to burn approximately 1.8% of the total BONK supply, about 92.7 trillion tokens, through a multi-signature vote, underscoring its commitment to community governance. Despite a broader crypto market correction, BONK has faced selling pressure, correcting 6-7% recently. Currently, BONK trades at $0.00003151 with a market cap near $2.4 billion. It has recorded 75% gains year-to-date, though its price remains volatile as investors speculate on the burn's effects.
A notable previous burn occurred on July 9, 2024, when BonkDAO eliminated 84 billion tokens valued at $2 million, resulting in a 25% price increase shortly after. Similar demand-supply dynamics could lead to another surge following the upcoming burn.
BONK Price Prediction This Christmas
BONK reached an all-time high of $0.000059 on November 20, 2024, with current highs at $0.000035 and lows at $0.000025, indicating significant volatility. Over the past month, the volatility rate was 13.44%, with 15 out of the last 30 days showing positive movement.
Market sentiment for BONK is neutral, while the Fear & Greed Index reflects a "Greed" reading, indicating increased trader interest. Analysts are monitoring support levels at $0.000031, $0.000029, and $0.000028, alongside resistance levels at $0.000033, $0.000034, and $0.000036 during ongoing market fluctuations.
Market predictions suggest BONK may rise by 30.39% in the next five days. However, Pudgy Penguins (PENGU) has recently surpassed BONK to become the largest Solana meme coin by market cap, driven by whale accumulation and a listing on Bithumb.