After burning $4 million worth of BONK on Wednesday, one of the largest memecoins on Solana by market cap, BONKDAO announced the start of a token burn campaign targeting one trillion BONK tokens worth roughly $43 million at current prices.
“Burning tokens decreases the total supply of $BONK, which can be favorable for its value and beneficial to the community,” according to a blog post from BONKDAO, which also highlights various actions community members can take to result in the burning of more BONK, such as using the hashtag #LetsBONK on X or placing sporting bets on BONKbets.
The price of BONK has increased 14% in the last 24 hours and 100% in the past seven days to a market cap of $3 billion, making it the fifth-largest memecoin in the crypto space, data from CoinGecko shows.
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The BURNmas announcement and accompanying price movement of BONK comes one day after the team behind Base’s decentralized exchange Aerodrome shared on X that BONK has been deployed onto Coinbase-incubated L2 Base through interoperability protocol Wormhole. Meanwhile, Binance.US listed BONK onto its platform on Wednesday.
At presstime, #LetsBonk has roughly 12,200 posts on X.
BONK was initially launched in the winter of 2022 shortly after the collapse of crypto exchange FTX, in which 50% of the token supply was airdropped to the Solana community. One of BONK’s main objectives was “to reward the downtrodden Solana community after an extremely difficult year in 2022,” according to the memecoin’s about page.
