BONKDAO has launched an ambitious token burn campaign targeting 1 trillion BONK tokens, worth approximately $43 million at current prices. The initiative begins with a burn of $4 million of BONK, one of the largest meme coins on Solana by market share.
Details of the Burn Campaign
In the blog post, BONKDAO stated, “Token burning reduces the total supply of $BONK, potentially increasing the value of the token and benefiting the community.” The post also encouraged community members to participate by using the hashtag#LetsBONKor placing sports bets on BONKbets, contributing to the additional token burn.
According to CoinGecko, BONK has seen significant growth, with its price jumping 14% in the past 24 hours and doubling over the past week. The coin's market capitalization has surged to $3 billion, making it the fifth-largest meme coin in the crypto space.
New integrations and exchange listings
BONK’s BURNmas campaign coincided with its integration into Base’s Aerodrome decentralized exchange, which uses the Wormhole protocol to connect to Coinbase-powered L2 Base. Additionally, Binance.US listed BONK on its platform, further expanding the token’s reach.
On social media, the hashtag#LetsBONKhas gained traction, with more than 12,200 posts currently on X (formerly Twitter), reflecting the campaign's growing popularity.
Origin of BONK
Launched after the FTX collapse in winter 2022, BONK was designed to reward the Solana community, which has faced significant challenges. Half of its total supply was airdropped to the community, emphasizing its grassroots focus.
The Meaning of the Burn Campaign
BONKDAO's burn campaign aims to reduce the token supply, potentially boosting the value of $BONK in the long term. By encouraging community participation, the strategy aims to strengthen BONK's position in the meme money market and increase its market capitalization.
