cryptonews.net
The $BONK decentralized autonomous organization (DAO) has conducted a major burn of 1.69 trillion $BONK tokens worth $52 million. The organization confirmed the event through its official account on the X platform. The strategic decision to burn these tokens is part of an ongoing effort to optimize tokenomics and create long-term value for the stakeholder community.
The burn is part of the “BURNmas” initiative, which was originally intended to burn 1 trillion tokens. The initiative was originally scheduled to end on December 25, but when the change was voted on and approved on December 26, a total burn of 1.69 trillion tokens occurred. According to CoinGecko, this represents 1.85% of the 90.97 trillion $BONK tokens currently in circulation.
The token has yet to replicate the success it enjoyed during an earlier 100 billion $BONK token burn on November 13, when the token’s price surged 56% to reach a new all-time high of $4.38 billion in market cap a week later. Since the December 26 burn, the token has fallen 7.2% to a market cap of $2.3 billion amid a broader market downturn. Despite the price drop, $BONK remains the fourth-largest memecoin in a market that has grown to $105 billion, behind only Dogecoin, Shiba Inu, and Pepe, CoinGecko data shows.
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