🔥💸 Bonk DAO Burns 1.69 Trillion BONK Tokens: What’s Next for the Solana Meme Coin 💸🔥
Bonk DAO has reduced its token supply by burning 1.69 trillion tokens, potentially affecting BONK's price which has already decreased by over 8% in the last day, despite a weekly gain of 6.95%. Despite the token burn not immediately boosting the price, analysts are positive about BONK's future, with the current price at $0.00003151, showing a small weekly increase.
The BONK DAO executed a significant burn of tokens worth $52 million to adjust tokenomics and enhance long-term value for its community, as confirmed by their official X announcement. Since its inception, $BONK has evolved from a meme coin to a significant player in DeFi, offering governance, staking, and exchange functions within its ecosystem.
The burn was part of the "BURNmas" initiative, which exceeded its initial goal due to community engagement and an amendment passed to increase the burn amount to 1.69 trillion tokens.
📊 A Look at BONK’s Market Activity
The burn coincides with increased competition from other meme coins like Pudgy Penguins ($PENGU ), which has seen substantial growth and trading volume, highlighting the competitive landscape in the Solana meme coin market.
The token burn has reduced BONK's supply to 91 trillion from 100 trillion, potentially leading to a supply shock that could increase the token's value due to scarcity. Beyond the burn, $BONK plans to support new projects to expand utility and value, with the current trading price at $0.00003151 and a 75% year-to-date increase.
BONK's 24-hour trading volume shows an 8.10% decline, suggesting reduced market activity, but long-term predictions are optimistic with a projected 30.39% rise by 2025.
📍Disclaimer: This is not a financial recommendation, cryptocurrency investments are speculative, and past performance does not guarantee future results. Always conduct your own research and consider your risk tolerance.
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