Solana's top dog-themed memecoin has just burned trillions of tokens in a special event to celebrate its second-year anniversary. Bonk Inu (BONK) announced on Monday that the memecoin has removed 1.69 trillion BONK tokens from its supply.
Dubbed “BURNmas,” the event was first announced on Twitter a few days prior as the memecoin project explained that the precise amount of token burns would be determined by a DAO voting system among holders.
At current exchange rates, the 1.69 trillion BONK tokens are valued at approximately $52,000,000 — and represent around 2% of the total maximum supply. BurnMas was, by far, the largest single token-burning event in Bonk Inu's history.
Community Expected Burns From Circulating Supply
By reducing the memecoin's overall supply significantly, Bonk Inu aims to leverage this scarcity to fuel growth in the coin's value on the market. Initially launched with a total maximum supply of 100 trillion BONK tokens, Bonk Inu currently has a maximum supply of around 91 trillion.
However, the tokens burned during the BurnMas event were removed from the total maximum supply, and not the ~75 trillion circulating supply of BONK. While still substantial, this meant that the anticipated price surge following the burn was not as impactful in the short term.
In fact, BONK is trading at a loss of over 6.53% over the last 24 hours, and is currently trading at $0.0000305 as of writing, according to CoinMarketCap. While this did receive some backlash on Twitter from participants in the DAO vote, some are also pointing out that the entire crypto market is in the red for the day.
But in a perhaps more alarming development, Bonk Inu is losing more value today than direct competitors like DOGE (-5.63%), SHIB (-5.27%), PEPE (-5.09%), and WIF (-5.79%).
Despite this setback, the overall scarcity inherited from this token-burning event could, in time, positively affect the BONK value. After all, the memecoin is still up by a whopping 90% in value over the last 365 days.
