A whale transferred 308 billion BONK to Coinbase sparking more interest in the token.
The BURNmas event will remove 1 trillion BONK tokens by Christmas.
BONK’s value has surged sharply this month due to the growing excitement around the burn.
A cryptocurrency whale moved 308.166 billion BONK tokens worth $14.43 million into Coinbase as part of a significant transaction. This activity was reported by Wu Blockchain using data from Arkham Analytics, and the whale began acquiring BONK tokens in December 2023, gradually increasing holdings until April 2024.
BURNmas Token Burn Aims to Reduce Supply Significantly
The BONK community is focused on a major event called BURNmas, which aims to burn 1 trillion tokens before December 24. The initiative began on November 15 and will end on Christmas Day when the final tokens are burned at midnight UTC.
https://twitter.com/WuBlockchain/status/1860974703931953332
Participants can engage in various activities that contribute to the burn, such as making social media posts with the hashtag "#LetsBONK," which removes 1,000 tokens per post. Additionally, every new follower on BONK’s social media accounts triggers a burn of 10,000 tokens, and community members can also contribute through gamified activities.
Activities in BONK’s Path Toward Sustained Growth
These activities include watching BONK’s cartoon series or using GameFi platforms like Moonwalk Fitness, where transactions burn 50,000 tokens each. Trading on platforms such as BONK.LIVE and Saturnbot also contributes by removing tokens with every transaction, creating consistent engagement within the community.
The price of BONK has risen sharply in recent weeks, climbing 34% over the last week and 131.3% this month. This increase has led to growing excitement among investors who are closely watching its performance as the event progresses.
Uncertain Future for BONK Despite Growing Popularity
Although BONK’s recent rally has sparked interest, its long-term potential faces challenges because achieving significant growth requires overcoming major obstacles. To reach $1, BONK would need to grow its value by more than 20,000 times, which would push its market capitalization to $75 trillion.
This number far exceeds the current total cryptocurrency market cap, which is valued at $1.3 trillion, creating significant limitations for BONK. Meme tokens like BONK and PEPE often rely on short-term attention, and their lack of utility can make sustainable growth difficult.
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