NewsletterJust In: Bonk DAO Burns 1.69 Trillion BONK
Highlights
- 1.69 BONK tokens were burned from the Bonk DAO's multi-sig wallet.
- BONK's total supply is now 91 trillion tokens.
- The meme coin's price failed to react to news of the token burn.
The Bonk Decentralized Autonomous Organization (DAO) has carried out the much-anticipated token burn, burning over a trillion BONK tokens. This provides a bullish outlook for the top Solana meme coin, although its price has yet to react to this development.
Bonk DAO Burns 1.69 Trillion BONK
Onchain data shows that the Bonk DAO has burned 1.69 trillion tokens through the multi-sig wallet today. The official X account also confirmed this token burn.
This token burn was carried in line with the much-anticipated “BURNmas” event. Initially, 1 trillion tokens were meant to be burnt. However, the team revealed that an amended vote was passed, leading to the 1.69 trillion token burn from the multi-sig wallet.
The total supply of the Solana meme coin is now 91 trillion tokens, down from the original 100 trillion tokens. Token burns typically provide a bullish outlook for the coin. This could lead to a supply shock, which would make BONK more valuable.
The token burn is also timely, considering that the meme coin is facing added competition for the top Solana meme coin spot following the PENGU token launch. The PENGU price recently rallied over 18%, overtaking BONK and Dogwifhat in the process.
Price Fails To React
The BONK price failed to react to news of the 1.69 trillion token burn, as the Solana meme coin is down over 8% in the last 24 hours. This suggests that the news of the token burn was already priced in before now.
Regardless of the meme coin’s current price action, some analysts are still confident about BONK’s long-term potential. In an X post, crypto analyst Unipcs, a.k.a ‘Bonk Guy,’ said that the coin is “unarguably” the strongest meme coin on Solana.
The analyst also alluded to the token burn. He remarked that the top Solana meme coin can now be described as “hyper deflationary” with the token burn.
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