BONKDAO Announces the Start of a Token Burn Campaign Targeting One Trillion BONK Tokens

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.

One of the largest memecoins on Solana by market cap has announced the start of a token burn campaign. After burning $4 million worth of BONK on Wednesday, BONKDAO announced plans to burn one trillion tokens, currently valued at $43 million.

“Burning tokens decreases the total supply of $BONK, which can be favorable for its value and beneficial to the community,” a blog post from BONKDAO stated, adding that several actions by community members could result in the burning of more BONK, such as using the hashtag #LetsBONK on X or placing sports bets on BONKbets.

The price of BONK has surged 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, according to data from CoinGecko.

The BURNmas announcement and accompanying price movement of BONK comes a 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 press time, #LetsBonk has approximately 12,200 posts on X.

BONK was first launched in the winter of 2022 shortly after the collapse of crypto exchange FTX, with 50% of the token supply being airdropped to the Solana community. “One of BONK’s main objectives is to reward the downtrodden Solana community after an extremely difficult year in 2022,” the memecoin's about page reads.