BonkDAO is set to burn more than 1.6 trillion BONK tokens worth roughly $53.5 million, as part of the community’s holiday campaign to increase the memecoin’s scarcity. BonkDAO’s holiday campaign, “BURNmas,” is a community-powered deflationary event with the goal of burning one trillion BONK tokens by Christmas.
Burning tokens refers to reducing a cryptocurrency’s total supply by removing them from circulation and typically aids in price upswings for cryptocurrencies. The upcoming burn represents nearly 1.8% of BONK’s total supply of roughly 92.7 trillion tokens. During BURNmas, BONK supporters could do a number of activities to contribute to the total amount burned. For example, tweeting the hashtag #LetsBonk, following the memecoin’s accounts on various social media platforms, and placing wagers on BONKbets each resulted in the removal of tokens.
BURNmas started on Nov. 15 and ends on Tuesday at 7:01 p.m. EST, stated a tweet from the memecoin’s account. The end of BURNmas comes more than a month after BonkDAO conducted its previous burning event in November when $4 million worth of BONK was removed from the memecoin’s circulation. Following BONK’s November burn, the memecoin’s market cap jumped about 75% from $2.3 billion to over $4 billion in the span of a week, per trading platform DexTools.
Despite slumping nearly 27% in the last 30 days to trade hands at $0.00003261, BONK has increased 6.1% in the past 24 hours to a market cap of almost $2.5 billion, market data from CoinGecko shows. At current prices, BONK is the largest memecoin on Solana, ahead of dogwifhat (WIF) and is also the fourth largest memecoin across all blockchains, trailing DOGE, SHIB, and PEPE.
