After burning $4 million worth of tokens from BONK, one of the largest memecoins on Solana in terms of market share, on Wednesday, BONKDAO announced the launch of a burn campaign targeting one trillion BONK tokens worth about $43 million at current prices.
Campaign Details
“Token burning reduces the total supply of $BONK, which can increase its value and be beneficial to the community,” a BONKDAO blog post stated. The blog post noted that community members can contribute to burning more BONK by using the hashtag #LetsBONK or placing sports bets on BONKbets.
According to CoinGecko data, BONK’s price increased by 14% in the last 24 hours and 100% in the last seven days, increasing its market value to $ 3 billion and becoming the fifth largest memecoin in the crypto space.
New Integrations and Entry to the Stock Exchange
BONK’s BURNmas announcement and price movements come a day after the team at Aerodrome, Base’s decentralized exchange, shared on the X platform that BONK has been integrated into the Coinbase-backed L2 Base via the Wormhole protocol. Additionally, Binance.US added BONK to its platform on Wednesday.
Currently, around 12,200 posts with the hashtag #LetsBonk are on the X platform.
Origins of BONK
BONK was launched right after the collapse of crypto exchange FTX in the winter of 2022, with 50% of the token supply airdropped to the Solana community. According to Memecoin’s about page, one of BONK’s main goals was to “reward the Solana community for having an extremely difficult year in 2022.”
The burn campaign launched by BONKDAO targets the potential positive impact on price by reducing the token supply. This step, which encourages community participation, is seen as part of BONK’s strategy to increase its market value. Investors and community members will continue to monitor whether this campaign will add to BONK’s long-term value.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
