Bonk Price Drops 7% Even After The BURNmas Removes $51 Million Worth Of Tokens From Circulation
The BONK price declined by 7% in the last 24 hours despite the BURNmas event removing $51 million worth of coins from circulation. Bonk’s team had initially promised to execute the burn on Christmas Day but delayed it until Dec. 26. Despite a token burn event that removed 1.69 trillion BONK tokens worth over $51 million out of circulation, the Solana-based meme coin Bonk couldn’t get out of the broader crypto slump. A token-burning event, “BURNmas,” was announced in late November, aiming to burn 1 trillion tokens. The team behind this doge-themed coin proposed to burn 1,000 BONK for every X post with the hashtag #LetsBONK and 10,000 BONK for each new follower on Instagram and TikTok. The target was eventually surpassed, and BonkDAO members approved an updated proposal to burn 1.69 trillion BONK tokens on Dec. 26 at 5:40 PM UTC. The burned tokens represent 1.85% of the 90.97 trillion BONK tokens currently circulating, down from 100 trillion, according to CoinGe...