The memecoin BONK
$0.0000320
, inspired by dog-themed tokens, recently saw its price drop, even after a major token-burning event removed $51 million worth of coins from circulation.
The initiative, known as BURNmas, destroyed 1.69 trillion BONK tokens on December 26. Since the event, however, BONK’s value has dropped 7.2%, with its market cap now at $2.3 billion.
Broader market conditions and frustrations within the BONK community may have contributed to this decline.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Crypto Bridge? (Explained with Animations)
Some BONK supporters expressed frustration over the timing and communication around the burn. Many pointed out that the delay from December 25 to 26 hurt the team’s credibility.
One X user, @BestBets_, commented:
The community as a whole feels scammed. Please give us a date and time for the vote and the burn. Price is continuing to drop due to you guys not keeping your word and not having good communication.
Initially, the BURNmas event aimed to burn 1 trillion BONK tokens. The plan involved burning 1,000 tokens for every post on X with the hashtag #LetsBONK and 10,000 tokens for every new follower on Instagram and TikTok.
BonkDAO members later approved the updated proposal, increasing the burn amount to 1.69 trillion tokens. This accounted for 1.85% of the current circulating supply, reducing the total from 90.97 trillion tokens to a smaller pool.
As BONK saw a price drop despite the BURNmas event, Hawk Tuah’s 90% price drop has left investors outraged and questioning its true motives. Was this crash part of a bigger plan? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
