The Bonk team failed to complete the token burn it had announced for Christmas Day by December 26. Dogecoin-themed memecoin Bonk carried out a massive token burn, removing 1.69 trillion BONK tokens from circulation, but it still failed to break out of a broader crypto market decline. These tokens were worth more than $51 million.
In late November, the team behind Solana-based memecoin Bonk aimed to burn 1 trillion tokens with a plan called “BURNmas.” The plan involved burning 1,000 BONK for every X post with the hashtag#LetsBONKand burning 10,000 BONK tokens for every new follower on Instagram and TikTok. The event, which was originally scheduled for December 25, has been postponed to December 26.
In line with the updated plan, BonkDAO members voted and approved the proposal to burn 1.69 trillion BONK tokens at 17:40 UTC on December 26. This amount accounts for 1.85% of the 90.97 trillion BONK tokens in circulation, down from 100 trillion in total supply. Token burning is a common strategy that aims to increase prices by adjusting the balance of supply and demand.
However, this token burn failed to replicate the success of the 100 billion BONK token burn that took place on November 13. At the time, the token price had increased by 56%, reaching an all-time high of $4.38 billion in market cap. Following the event on December 26, the token lost 7.2% of its value, dropping to $2.3 billion in market cap. This decline paralleled a broader market crash.
The failure of the Bonk team to follow through with the token burn they announced on December 25 was met with disappointment by some members of the Bonk community. Hours before the burn event on December 26, user X BestBets criticized Bonk’s main contributor Nom, saying, “The price keeps falling because you don’t keep your promises and don’t communicate well.” He also warned, “You will lose a lot of progress and coin holders by lying to the community.” User X PootieCoin commented, “I am losing my trust.”
Despite all these developments, the BONK memecoin maintains its fourth place in the growing $105 billion memecoin market, following Dogecoin, Shiba Inu, and PEPE, according to CoinGecko data.