Look! BURNmas burns $51 million in tokens, but BONK still falls 7%, why?
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On December 26, the Solana-based memecoin Bonk team completed the inference of 1.69 trillion tokens, worth more than $51 million. However, this major move failed to confirm the downward price trend of BONK, but instead indicated that the market lost its low position and the community had trust issues.
"BURNmas" plan was not implemented on time, causing dissatisfaction
Initially, the Bonk team promised to launch the "BURNmas" plan on Christmas Day (December 25) to intervene in tokens based on social media interactions. However, considering the action postponed to the next day, this delay caused widespread dissatisfaction among community members. Users bluntly stated that they had lost trust in the team and believed that its failure to keep its word and communicate effectively was one of the important reasons for the price drop.
Research event details and market reaction
Under the community governance mechanism, BonkDAO voted on December 26 to pass the updated proposal, speculating 1.69 trillion BONK, accounting for 1.85% of the current circulation. However, compared with the 56% price surge after speculating 100 billion BONK on November 13, this week failed to bring a significant market boost, but instead triggered a 7.2% drop.
Industry tokens are often seen as a strategy to optimize supply and demand dynamics, but Bonk's move failed to do so, reflecting the impact of market sentiment and the overall environment on memecoin:
The market downturn dragged down performance: Although BONK is the fourth largest memecoin in the world with a total market value of US$2.3 billion, the overall performance of the crypto market has been sluggish recently, and the demand for memecoin has decreased. Lack of community confidence: The team failed to fulfill its promises in a timely manner, raising community concerns about governance and future plans.
Future challenges and opportunities
Faced with price declines and community doubts, Bonk still has a certain influence in the memecoin market. In order to regain the trust of the community and promote the price recovery team, although the following measures need to be taken:
Strengthen security: fulfill commitments on time, release action plans and progress in a timely manner, and avoid another crisis of trust. Enhance application scenarios: Promote the practical application of BONK in the Solana ecosystem to enhance the demand for tokens. Expand market influence: Use social media and community activities to increase participation and attract more users and investors.
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