The meme coin BONK
BONK
$0.0000323
The initiative, known as BURN, destroyed 1.69 billion BONK tokens on December 26. Since the event, however, BONK’s value has fell 7.2%, with its market capitalization now at $2.3 billion.
Broader market conditions and frustrations within the BONK community may have contributed to this drop.
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Some BONK supporters expressed frustration at the timing and communication around the burning. Many noted that the delay from December 25 to 26 hurt the team’s credibility.
A user X, @BestBets_, commented:
The community as a whole feels cheated. Please give us a date and time for voting and burning. The price continues to drop because you guys didn’t keep your word and didn’t have good communication.
Initially, the BURNmas event intended to burn 1 billion BONK tokens. The plan involved burning 1,000 tokens for every post on X with the hashtag #LetsBONK and 10,000 tokens for every new follower on Instagram and TikTok.
BonkDAO members later approved the updated proposal.increasing the amount burned to 1.69 billion tokens. This represented 1.85% of the current circulating supply, reducing the total of 90.97 billion tokens to a smaller pool.
While BONK saw a price drop despite the BURNmas event, Hawk Tuah’s 90% price drop has left investors outraged and questioning its true motives. Was this accident part of a larger plan? Read the full story.
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