The burning of BONK tokens will alter the supply dynamics of the meme coin. This can restore bullish sentiment for it.
Solana meme coin BONK BONK $0.000031 24h volatility: 6.4% Market cap: $2.39 B Vol. 24h: $304.95 M is likely to see a major bullish surge ahead as BonkDAO plans a holiday celebration “BURNmas” to put 1.69 trillion BONK tokens worth $54 million out of circulation. As a result, the BONK price could see major upside.
The burning of BONK tokens will basically alter the supply dynamics of the meme coin. This can restore bullish sentiment for the Solana meme coin moving ahead.
Hey BONKers, a quick BURNmas Update:
During the campaign, the BONK community exceeded The Dog's (and the DAO's) expectations and REALLY showed up❗️❗️❗️
The final number of $BONK gathered by these incentives is over 1,690,000,000,000🔥
All that remains now is a DAO multisig… pic.twitter.com/GtZ16u3FK7
— BONK!!! (@bonk_inu) December 25, 2024
BonkDAO’s plan involves burning roughly 1.8% of the total BONK supply equating to roughly 92.7 trillion tokens. The governance platform will execute the burn using a multi-signature vote, highlighting the project’s commitment to community-driven governance.
Amid the broader crypto market correction, the BONK price has also been seeing strong selling pressure correcting 6-7% today. As of press time, BONK is trading at $0.00003151 with its market cap just under $2.4 billion. BONK has been one of the top-performing Solana meme coins in 2024 with 75% year-to-date gains. The token’s price has shown volatility as investors speculate on the potential impact of the upcoming burn on its supply and value.
One of the most significant BONK token burns so far happened on July 9, 2024, when BonkDAO burned 84 billion tokens, valued at $2 million at the time. This event led to a 25% surge in the BONK price soon after. Thus, as the demand-supply tokenomics plays out for BONK, we could be seeing another such surge ahead.
Bonk (BONK) reached its all-time high on November 20, 2024, peaking at $0.000059. In the current cycle, the token’s high stands at $0.000035, with a low of $0.000025, reflecting notable market volatility. Over the past month, BONK’s volatility rate was 13.44%, with 15 green days recorded out of the last 30.
Market sentiment for BONK is presently neutral, while the Fear & Greed Index indicates a “Greed” reading, suggesting heightened interest among traders. Analysts are closely monitoring critical support levels at $0.000031, $0.000029, and $0.000028, alongside resistance levels at $0.000033, $0.000034, and $0.000036, as traders navigate the market’s ongoing fluctuations.
According to the market prediction, the BONK token is projected to increase by 30.39% over the next five days.
However, earlier today, Pudgy Penguins (PENGU) surpassed BONK to become the largest Solana meme coin by market cap. This comes amid a strong whale accumulation for the PENGU token along with the token listing on the crypto exchange Bithumb.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
