BONK (BONK) Price Prediction 2023-2025: Can BONK Recover After the Recent Market Downturn?

Solana-based meme coin Bonk continued its downward rally despite the project recently burning 1.69 trillion BONK tokens.

Solana-based meme coin Bonk continued its downward price trend on Dec. 26, despite the recent burning of 1.69 trillion BONK tokens by the project.

After initially planning to burn 1,000 BONK for every X post using the hashtag #LetsBONK, and 10,000 BONK for every new follower gained on Instagram and TikTok, with a final target of burning 1 trillion tokens, BonkDAO members voted to increase the burn amount to 1.69 trillion tokens due to higher-than-expected engagement across social media platforms.

As a result, over 1.8% of BONK’s entire supply was burned as part of the dog-themed meme coin’s community holiday token burning event, dubbed the “BURNmas.”

According to data from CoinGecko, BONK’s market cap currently stands at $2.3 billion, making it the largest meme coin on Solana and among the top 100 cryptocurrencies overall.

However, the token has faced some difficulties in recent times, with its price dropping 7% over the past 24 hours, while the broader crypto market also faced a risk-off day with Bitcoin struggling to reclaim the $100k level.

After kicking off the holiday season with a 25% rally following a previous token burn event on July 29, when 84 million tokens valued at over $2 million at the time were removed from circulation, BURNmas failed to deliver this time, with BONK dropping further.

Moreover, several BONK enthusiasts expressed frustration over the team’s failure to execute the token burn on Christmas Day as originally promised, which could have also impacted the sell-off.

On the other hand, many investors might have also rotated their investments into Pudgy Penguins’ token, Pengu (PENGU), which launched just days ago and quickly amassed a market cap of over $2.2 billion, even briefly surpassing BONK as the largest meme coin on Solana on Dec. 26.

The token has also outperformed BONK over the past week, gaining 32% compared to BONK’s 7.2% rally.

At press time, PENGU has formed a god candle on its daily chart, which is usually a sign of whale activity. The sudden price surge managed to recover some of the day’s losses, bringing the token’s price to $0.000030.

If more investors join the FOMO rally, it could propel the next leg up for the meme coin toward the key resistance at $0.000034, a level that BONK has tested twice this week but failed to cross.