BonkDAO plans to destroy 1.69 trillion BONK tokens. How does the market react?

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BonkDAO decided to destroy 1.69 trillion BONK tokens in the "BURNmas" event, and about 54.52 million tokens were withdrawn from circulation, reducing the total supply of BONK by 1.8%. This destruction action has attracted widespread attention from the crypto community, but it remains to be seen whether it will have a positive impact on the market.

BONK's price trend and market sentiment

BONK is currently trading at $0.00003144, down 6.5% in the past 24 hours. The main resistance level faced by the token is $0.00003517, and it will be difficult to break through this resistance level without strong buying volume. Market sentiment is biased towards the short side, with only 30% of positions currently long and 70% short, indicating that traders expect prices to continue to fall.

Decline in social attention and technical indicator analysis

BONK's social attention has dropped sharply, from 290 social mentions in November to 22 on December 26. This shows that the excitement around token burning is waning. In terms of technical indicators, ADX shows a weak trend and MACD is also negative, indicating that the market lacks sufficient momentum to maintain a sharp rise.

Overall, although token burning may have an impact on supply, both market sentiment and technical indicators show that BONK may still find it difficult to achieve significant gains in the short term.

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