The Solana-based memecoin BONK saw a notable 7% drop in value, even after an ambitious token-burning event removed 1.69 trillion BONK tokens—equivalent to over $51 million—from circulation.
In late November, the BONK team unveiled plans for “BURNmas,” an initiative aiming to burn 1 trillion tokens. The campaign incentivized social media engagement by burning 1,000 BONK for every post using the hashtag #LetsBONK and 10,000 BONK for every new follower on Instagram and TikTok. Originally scheduled for Dec. 25, the event was delayed but ultimately exceeded its target.
On Dec. 26 at 5:40 pm UTC, BONKDAO members approved the burning of 1.69 trillion tokens. This reduced the circulating supply by 1.85%, trimming the total from 100 trillion tokens to approximately 90.97 trillion, according to CoinGecko data.
Token Burn Fails to Boost Price
Token burns are often employed to drive up asset prices by reducing supply, but BONK’s latest burn didn’t deliver the anticipated results. Unlike the previous 100 billion token burn on Nov. 13, which triggered a 56% price surge and a $4.38 billion market cap at its peak, the Dec. 26 event saw the token drop 7.2%. BONK’s current market cap stands at $2.3 billion, reflecting the broader crypto market’s sluggish performance.
The delayed execution of the burn may have contributed to investor dissatisfaction. Several community members voiced their frustration over the failure to meet the original Christmas Day timeline.
“Your lack of communication and failure to stick to the promised schedule is causing the price to drop,” complained X user @BestBets in a post addressed to a BONK core contributor. “You’re losing trust and momentum,” they added.
Another user, @PootieCoin, echoed these sentiments, expressing disappointment in the team’s management of the event.
BONK Still Holds Strong in Memecoin Rankings
Despite the recent price decline, BONK remains the fourth-largest memecoin in the $105 billion memecoin market, trailing behind Dogecoin, Shiba Inu, and Pepe, according to CoinGecko data.
The token’s community-driven initiatives have bolstered its reputation, but its ability to maintain investor confidence amid broader market conditions remains a challenge.
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