BONK, one of the leading meme coins in the Solana ecosystem,$BONK

It has recently seen significant value loss and is currently trading at $0.000031. The price, which reached $0.000053 in November, has since declined significantly, falling to a three-month low of $8.32 million in open interest as investor interest wanes. Despite this, BONK has a strong community and extensive ecosystem integrations, so it has long-term potential.

In order to increase the value of BONK and regain investor interest, Bonk DAO conducted a massive token burn. A total of 1.69 trillion BONK were burned, reducing the supply from 100 trillion to 91 trillion. This transaction was worth approximately $52 million and was successfully completed with a single Solana network transaction with 99% approval from the community. The token burn campaign was held from November 15 to December 5 and was supported by a massive social media campaign. In addition, collaborations with ecosystem partners played a significant role in increasing community engagement.

Bonk DAO’s wallet holds 9% of the supply, making it the largest wallet holder, surpassing major investors like Binance. In addition, 4.8% of the supply is locked in staking pools, further reducing the number of tokens in circulation and positively affecting the supply-demand balance. However, despite the massive token burn, the expected spike in BONK price did not occur. This was mainly due to the popularity of new meme tokens in the Solana ecosystem. New tokens such as Pudgy Penguins’ PENGU and DogWifHat (WIF) managed to attract investors’ attention.

Especially PENGU$PENGU

, has overtaken BONK to become the most valuable meme coin on the Solana network with a market cap of $2.4 billion. Still, BONK has a presence on 11 different blockchains, is traded on major crypto exchanges, and aims to maintain its position in the long term thanks to its strong community support.

The critical support and resistance levels for BONK have been determined as follows: The price is currently observed to have stabilized at $0.000031. According to analysts, the critical support levels are determined as $0.000029 and $0.000028, while the resistance levels stand out as $0.000033, $0.000034 and $0.000036.