Bonk enthusiasts are frustrated for not being able to hold the 'Burnmas' event on Christmas

Initially, BURNmas was expected to be held on December 25. Ultimately, it exceeded its goal, with BonkDAO members voting in favor of the updated proposal to burn 16.9 trillion BONK tokens.

After the token burn event on December 26, the token dropped by 7.2%, with a market cap of $2.3 billion.

The token failed to replicate the success achieved during the destruction of 100 billion BONK tokens on November 13, 2024.

Bonk is a meme-inspired cryptocurrency that cannot escape the broader cryptocurrency collapse, despite the token burn event that resulted in approximately 16.9 trillion BONK tokens being removed from circulation, with an estimated value of over $51 million.

Last month, the support team for the Solana-based memecoin Bonk proposed a plan to burn approximately 10 trillion tokens under the 'BURNmas' initiative, where each post with the hashtag #LetsBONK would burn about 1,000 Bonk, and each new follower on Instagram and TikTok would burn about 10,000 BONK.

Despite the burn, the price still fell

Initially, BURNmas was expected to be held on December 25. Ultimately, it exceeded its goal, with BonkDAO members voting to approve the updated proposal to burn 16.9 trillion BONK tokens at 5:40 PM (UTC) on December 26.

Cryptocurrency data aggregator CoinGecko revealed that this would account for 1.85% of the currently circulating 90.97 trillion BONK tokens, down from 100 trillion. Nowadays, token burning has become a very common strategy to increase token prices and create a more favorable supply-demand dynamic.

However, the token failed to replicate the success seen during the burn of 100 billion BONK tokens on November 13, and a week later, its token price surged by 56%, reaching a historical market cap high of $4.38 billion.

User frustration

After the token burn event on December 26, the token dropped by 7.2%, with a market cap of just $2.3 billion amid a broader market downturn.

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