Just In: Bonk DAO Burns 1.69 Trillion BONK

Boluwatife Adeyemi
December 27, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Why BONK Price Is Up 14% Today: Top Reasons Behind the Spike?

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.

Advertisement
Advertisement

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.

Advertisement
Advertisement

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.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.