BONK's price has risen 0.5% in the past 24 hours to $0.00003175, outperforming the broader crypto market, which is down 1%. However, the meme token remains 12% lower over the past week, 31% down for the month, and 45% below its all-time high of $0.00005825 set on November 20.
As part of its 'BURNmas' campaign, the BONK DAO plans to burn at least 1 trillion BONK tokens by December 25, with projections indicating as much as 1.6 trillion tokens could be burned. This burn represents 1.7% of the total BONK supply and 2.2% of circulating tokens. Despite this initiative, BONK's price hasn't responded significantly, partly due to the relatively small volume of tokens being burned compared to its total supply.
The BONK DAO has also launched a campaign to promote the token, burning 100,000 BONK for every #LetsBONK tweet during the event. Community enthusiasm has exceeded expectations, but trading volume, currently at $300 million, remains low compared to its November peaks.
Technical indicators, including a recovering RSI and a potential bullish crossover of the 30-day moving average over the 200-day average, suggest BONK may be approaching a turnaround. External factors, such as a possible market boost from Donald Trump's upcoming inauguration and anticipated crypto-friendly legislation, could further aid recovery.
Projections suggest BONK could rise to $0.000050 by Q1 2025 and potentially reach $0.00010 by Q2, with its inventor targeting $0.11 as a long-term goal.
