In the beginning, BURNmas was anticipated for December 25. Ultimately, it surpassed the target and BonkDAO members voted on the side of an updated proposal to burn 1.69 trillion BONK tokens.
After the token burn event of December 26, the token has slumped by 7.2%, holding a market capitalization of $2.3 billion.
The token was not able to revive the same success it witnessed from a previous 100 billion BONK token burn on November 13, 2024.
Bonk, a meme-inspired cryptocurrency was not able to clear the way out of a broader crypto collapse regardless of a token-burning event that held around 1.69 trillion BONK tokens, whose worth is estimated to be more than $51 million, out of circulation.
In the last month, the team backing the Solana-based memecoin Bonk gave a proposal to burn around 1 trillion tokens under the “BURNmas” scheme, which would burn around 1,000 Bonk for every X post having the hashtag #LetsBONK and around 10,000 BONK for every new follower on Instagram and TikTok.
Price slump despite burning
In the beginning, BURNmas was anticipated for December 25. Ultimately, it surpassed the target and BonkDAO members voted on the side of an updated proposal to burn 1.69 trillion BONK tokens on December 26 at 5:40 pm UTC.
A cryptocurrency data aggregator, CoinGecko revealed that this would report for 1.85% of the 90.97 trillion BONK tokens presently in circulation, low from 100 trillion. Nowadays, token burns have become a very common strategy to boost token prices having a more positive supply and demand dynamic.
However, the token was not able to revive the same success it witnessed from a previous 100 billion BONK token burn on November 13, which witnessed its token price skyrocket 56% to attain a new all-time high market capitalization of $4.38 billion after a week.
The frustration of the users
After the token burn event of December 26, the token has slumped by 7.2%, holding a market capitalization of $2.3 billion in between a wider market slump. At the same time, it is not easy to understand the reason for the sell-off, many Bonk supporters have so far expressed annoyance at the Bonk team for not being able to implement the burn on Christmas Day as said.
On December 26, an X user BestBets mentioned Bonk core contributor Nom and said that the price is constantly dropping because of you guys not keeping up your promise and not having good communication.
The user further added that you will not attain that much progress and coin holders by not stating the truth to the community. The data from CoinGecko also reveals that regardless of the price slump, BONK is still the fourth-biggest memecoin in what has grown into a $105 billion market, following Dogecoin, Shiba Inu, and Pepe.
