- Bonk Inu burns 1.69 trillion tokens worth around $52 million
- BurnMas event was the largest in Bonk Inu’s history
- Tokens were burned from the total supply, not the circulating supply
The largest dog-themed memecoin on the Solana network has just burned trillions of tokens in a special event to celebrate its second-year anniversary. Bonk Inu (BONK) recently announced that the memecoin has removed 1.69 trillion BONK tokens from its supply.
Receiving the name “BURNmas”, the event was initially announced on Twitter a couple of days prior as the memecoin project detailed that the exact number of token burns would be decided via a DAO voting system among holders.
In the current exchange rate, the 1.69 trillion BONK tokens are equal to around $52,000,000 — and represent around 2% of the total maximum supply. BurnMas was up until now the largest single token-burning event in Bonk Inu’s history.
Community Expected Burns From Circulating Supply
By significantly reducing the overall supply of the memecoin, Bonk Inu intends to use this scarcity as fuel for value growth in the market. Initially launched with a total maximum supply of 100 trillion BONK tokens, Bonk Inu currently has a maximum supply of approximately 91 trillion.
However, the tokens burned during the BurnMas event were removed from the total maximum supply, and not the ~75 trillion BONK circulating supply. While definitely still significant, this means that the previously anticipated price surge following the burn wasn’t as impactful in the short term.
In fact, BONK is actually trading at a loss of over 6.53% over the past 24 hours, currently trading at $0.0000305 according to CoinMarketCap. While this received some backlash on Twitter from the DAO voting participants, some are also noting that the entire crypto market is in the red today.
However, perhaps a more alarming concern is the fact that Bonk Inu has lost more value today than direct competitors like DOGE (-5.63%), SHIB (-5.27%), PEPE (-5.09%), and WIF (-5.79%).
But despite this setback, the overall scarcity inherited from this token-burning event could, over time, positively affect the BONK value. After all, the memecoin is still up by a whopping 90% in value over the last 365 days.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
