BONK, a dog-themed memecoin built on the Solana blockchain, has announced the burning of 1.69 trillion tokens, valued at approximately $54 million, during the BURNmas event. The burn represents about 2% of the cryptocurrency’s total supply and will occur after community approval via a DAO vote.
The announcement follows a burn that took place on November 13, when BONK removed $3.15 million worth of tokens from the market. The event boosted the price of BONK by more than 50%, pushing its market cap to an all-time high of $4 billion.
However, since then, the market cap has fallen and currently stands at $2.3 billion, according to data from CoinGecko. Meanwhile, the price of the BONK token has risen by more than 8% in the past 24 hours to $0.0000338.