2024-11-18
BonkDAO, the decentralized autonomous organization behind the Solana-based memecoin BONK, has initiated a token burn campaign.
Following a recent burn of $4 million worth of BONK tokens on
November 15, 2024, the DAO announced plans to burn one trillion BONK tokens,
valued at approximately $43 million at current prices.
1 trillion BONK burn campaign (BURNmas)
will be starting on on November 15 at 12:01am UTC and end on
December 24 at 12:01 am UTC.
This initiative aims to reduce the
total supply of BONK, potentially enhancing its value and benefiting the
community.
The campaign encourages community
participation through activities like using the hashtag #LetsBONK on social
media or engaging in sporting bets on BONKbets, both of which contribute to the
token burn.
Historically, token burns have
positively impacted BONK's price. For instance, in April 2024, the community
approved a burn of 278 billion tokens, leading to a 40% price increase within
24 hours.
The current burn campaign, targeting a
much larger amount, could similarly influence BONK's market value.
As of now, BONK's market capitalization
stands at $3.910 billion, making it the fifth-largest memecoin in the crypto
space. The token has seen a 13% increase in the last 24 hours and a 95% rise
over the past seven days.
The community's active involvement in
this burn campaign reflects a collective effort to enhance the token's value
and stability. By reducing the circulating supply, BonkDAO aims to create
scarcity, which could drive up demand and, consequently, the token's price.
For those interested in participating
or learning more about the burn campaign, BonkDAO provides detailed information
and voting opportunities on their official website (www.bonkdao.com).
In summary, BonkDAO's ambitious plan to
burn one trillion BONK tokens by Christmas represents a strategic move to
bolster the token's value through supply reduction, with active community
engagement playing a pivotal role in this initiative.
