BONK Plunges 7% Despite BURNmas Burning $51M Worth of Tokens

The BONK decentralized autonomous organization (DAO) has conducted a major burn of 1.69 trillion BONK tokens worth $52 million. The organization confirmed the event through its official account on the X platform. The strategic decision to burn these tokens is part of an ongoing effort to optimize tokenomics and create long-term value for the stakeholder community.

The burn is part of the “BURNmas” initiative, which was originally intended to burn 1 trillion tokens. The initiative was originally scheduled to end on December 25, but when the change was voted on and approved on December 26, a total burn of 1.69 trillion tokens occurred. According to CoinGecko, this represents 1.85% of the 90.97 trillion BONK tokens currently in circulation.

The token has yet to replicate the success it enjoyed during an earlier 100 billion BONK token burn on November 13, when the token’s price surged 56% to reach a new all-time high of $4.38 billion in market cap a week later. Since the December 26 burn, the token has fallen 7.2% to a market cap of $2.3 billion amid a broader market downturn. Despite the price drop, BONK remains the fourth-largest memecoin in a market that has grown to $105 billion, behind only Dogecoin, Shiba Inu, and Pepe, CoinGecko data shows.

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