BONK developers are preparing to burn 1.69 trillion BONK coins after its community successfully reached its first major milestone. In late November, the developers of BONK, the popular meme coin based on the Solana blockchain, proposed burning 1 trillion coins through community contributions during an event called BURNmas. Last Wednesday, they announced that they had successfully passed this important milestone and that they intend to burn a total of 1.69 trillion BONK coins, a move that could help push its value to unprecedented levels.
This is perhaps the main reason behind the BONK coin’s 7% increase last week, making it one of the few meme coins to achieve positive performance during the week. It is noteworthy that on December 20, when the project’s developers announced that they had reached their first milestone of burning 1 trillion coins, the BONK/USD price rose by 14%. However, it was not spared from the correction wave that has hit the crypto markets over the past few days, and the total BONK supply currently stands at 92.66 trillion coins. Therefore, getting rid of 1.69 trillion BONK coins means reducing its circulating supply by 1.8%.
BONK price continues to decline as the market responds to the Federal Reserve’s new approach, and BONK is no exception, having gained 134.4% since the beginning of the year.
Burning a trillion BONK coins soon, will this pave the way for a strong start and reaching a price of $1?