BURNmas was originally scheduled for December 25. Ultimately, the goal was surpassed and BonkDAO members voted in favor of an updated proposal to burn 1.69 trillion BONK tokens.
Following the token burn event on December 26, the token dropped 7.2%, maintaining a market cap of $2.3 billion.
The token has not been able to revive the same success it witnessed in the previous burn of 100 billion BONK tokens on November 13, 2024.
Bonk, a meme-inspired cryptocurrency, has failed to emerge from a broader crypto meltdown despite a token burn event that kept around 1.69 trillion BONK tokens, estimated to be worth more than $51 million, out of circulation.
Last month, the team backing the Solana-based memecoin Bonk made a proposal to burn about 1 trillion tokens under the “BURNmas” scheme, which would burn about 1,000 Bonk for every X post with the hashtag#LetsBONKand about 10,000 BONK for every new follower on Instagram and TikTok.
Prices fall despite burning
BURNmas was initially expected to take place on December 25. It ultimately surpassed the target, and BonkDAO members voted in favor of an updated proposal to burn 1.69 trillion BONK tokens on December 26 at 5:40 PM UTC.
Cryptocurrency data aggregator CoinGecko revealed that this would put 1.85% of the 90.97 trillion BONK tokens currently in circulation below the 100 trillion. Token burns have become a very common strategy to boost token prices these days, with more positive supply and demand dynamics.
However, the token was unable to revive the same success it witnessed in the previous burn of 100 billion BONK tokens on November 13, which witnessed its token price soar by 56% to reach a new record market cap of $4.38 billion after a week.
User frustration
Following the token burn event on December 26, the token fell by 7.2%, maintaining a market cap of $2.3 billion amid a broader market slump. While it is not easy to understand the reason for the sell-off, many Bonk supporters have so far expressed annoyance with the Bonk team for failing to implement the burn on Christmas Day as stated.
On December 26, a user on X BestBets mentioned Bonk's main contributor Nom and said that the price is constantly dropping because you guys don't keep your promises and don't have good communication.
The user further added that you won’t achieve as much progress and coin holders if you don’t tell the community the truth. CoinGecko’s data also reveals that regardless of the price drop, BONK is still the fourth-largest memecoin in what has become a $105 billion market, following Dogecoin, Shiba Inu, and Pepe.
