BonkDAO’s ‘BURNmas’ Holiday Campaign to Burn 1.6 Trillion BONK Tokens Worth $53.5 Million

Burning tokens refers to reducing a cryptocurrency's total supply by removing them from circulation and typically aids in price upswings for cryptocurrencies.

BonkDAO (BONK) is preparing to burn over 1.6 trillion BONK, valued at approximately $53.5 million, in a community-led effort to boost the scarcity of the memecoin.

The initiative, dubbed “BURNmas,” aims to burn a total of one trillion BONK by Christmas.

Burning tokens involves permanently removing a portion of a cryptocurrency's total supply from circulation, a practice often employed to drive up prices for cryptocurrencies. In the case of BONK, the upcoming burn will remove nearly 1.8% of its vast supply of roughly 92.7 trillion tokens.

Throughout BURNmas, several activities undertaken by BONK enthusiasts will contribute to the overall amount burned. For instance, each tweet using the hashtag #LetsBonk, following the memecoin's accounts on various social media platforms, and placing bets on BONKbets will result in a portion of tokens being burned.

The event commenced on Nov. 15 and will culminate on Tuesday at 7:01 p.m. EST, according to a tweet from the memecoin.

The conclusion of BURNmas follows more than a month after BonkDAO's previous burning event in November, which saw $4 million worth of BONK tokens removed from circulation. Notably, in the wake of BONK's November burn, the memecoin's market cap surged by around 75% over a seven-day period, climbing from $2.3 billion to over $4 billion, as indicated by data from the trading platform DexTools.

Despite experiencing a decline of nearly 27% over the past 30 days, BONK has rallied by 6.1% in the last 24 hours, bringing its market cap to almost $2.5 billion, according to market data from CoinGecko.

The market cap of BONK over the past several months, as shown on DexTools. (DexTools)

At current prices, BONK ranks as the largest memecoin on Solana, surpassing dogwifhat (WIF), and the fourth biggest memecoin overall across all blockchains, trailing only DOGE, SHIB, and PEPE.