BONK Targets Burning 1 Trillion By Christmas—Can Prices Explode 300,000%?
Bonk is up 0.5% in 24 hours to $0.00003175 while the crypto market is down 1% today.
The meme coin has fallen 12% in a week, 31% in a month, and 45% from its all-time high of $0.00005825 on November 20.
With its DAO planning to burn at least a trillion BONK by December 25th in celebration of ‘BURNmas’, Bonk may be on its way back.
BURNmas tracker currently expects 1.6 trillion BONK to be burned, and its creator claims $0.11 is the long-term price target.
In addition to the burn, the DAO and the Bonk team are urging community members to promote the token during BURNmas, as revealed in a blog post on November 15.
Bonk DAO burns 100,000 BONK for every#LetsBONKtweet during BURNmas.
With 1.6 trillion BONK expected to be burned, the community seems to be exceeding expectations.
This represents 1.7% of the total BONK supply and 2.2% of the circulation.
This may explain why BONK prices have not responded to BURNmas given such small quantities.
It has fallen as the post-election recovery has weighed on the market.
Today, BONK's charts show that the RSI (purple) is rising again after dropping to near 30 several days ago, indicating an intermediate bottom.
The 30-period moving average (orange) may have completed its decline compared to the 200-period moving average (blue), and may rise above the longer-term indicator in the coming days and weeks.
BONK's trading volume of $300 million is low compared to November's highs, which is concerning.
Donald Trump’s inauguration next month could boost the market, and crypto-friendly legislation could follow.
BONK may recover to $0.000050 by Q1 2025 and to $0.00010 by Q2.