The developers of BONK $BONK , a popular meme coin based on the Solana blockchain, proposed in late November to burn 1 trillion coins through community contributions in an event called BURNmas. Last Wednesday, they announced that they had successfully passed the milestone and planned to burn a total of 1.69 trillion BONK $BONK coins, a move that could push its value to unprecedented levels.

The primary goal of burning the coin is to make the supply scarce, which could theoretically increase the value of the asset over time as long as demand remains constant or increases. According to CoinMarketCap, the total supply of BONK currently stands at 92.66 trillion coins. Therefore, removing 1.69 trillion BONK $BONK coins would reduce its circulating supply by 1.8%.

Source: cryptonews.com