Solana-based meme coin BONK has jumped 30% in the last 24 hours as the BONK DAO announces an ambitious plan to burn 1 trillion tokens through a community-driven campaign.
The price of Bonk (BONK) has also seen a 116% pump in the last seven days. The token currently holds a $3.49 billion market capitalization.
Caption: CoinGecko
BONK is now the second-largest Solana (SOL) meme coin behind dogwifhat (WIF).
The BONK DAO BURNmas SUPER threadThe Mission: Burn 1 Trillion $BONK by ChristmasThe campaign features BONK burns based on specific engagement criteria.Here's how YOU can help The Dog in what will be the largest on-chain community driven burn event in the history of Solana👇 pic.twitter.com/tcSY5W3vd9
— BONK!!! (@bonk_inu) November 15, 2024
BONK’s BURNmas campaign details
The BONK DAO has unveiled “BURNmas.” The project has described this as the largest on-chain community-driven burn event in Solana’s history.
The campaign will run from November 15 at 12:01 am UTC through December 24, with the accumulated tokens scheduled for burning on Christmas Day at 12:01 am UTC.
The burn initiative introduces multiple engagement-based criteria for token burning.
You might also like: Crypto VC Funding: 0G Labs secures $40m, StakeStone follows suit with $22m
Social media participation will trigger burns of 1,000 BONK for each #LetsBONK post on X. At the same time, new followers across Instagram, TikTok, and YouTube will result in 10,000 BONK burns per platform. The campaign extends to various ecosystem activities.
BONK has established itself as a key meme coin in the Solana ecosystem, with its $3.49 billion market cap placing it just behind dogwifhat’s $3.75 billion valuation.
The DAO’s burn initiative spans multiple platforms and activities within the BONK ecosystem, including gaming, social media, and trading activities.
BONK burn Mechanism Breakdown
The program includes various burn triggers across different platforms:
Team BaoBao Animation views: 10,000 BONK per view
BONKbets platform: 50,000 BONK per bet
BONKmark transfers: 50,000 BONK per card sent
Moonwalk fitness game: 100 BONK per step
New BERN holders: 100,000 BONK per holder (minimum 10,000 BERN)
BONKlive and Saturnbot trading: 50,000 BONK per dollar traded
The initiative’s progress can be tracked in real-time through BURNmas.com, allowing community members to monitor the campaign’s impact as it approaches its Christmas Day culmination.
Burn activities are usually employed by various projects, including meme coins like Shiba Inu (SHIB), to reduce their circulating supply.
Read more: NFT sales surge 94% to $178.8m, Ethereum network ranks first
