The BONK memecoin council has announced plans to permanently remove 2.025 trillion BONK tokens from circulation in its next burn event on Thursday.
Announces 2 Trillion Token Burn
According to a statement on X, the burn marks the end of the BONKDragon campaign and celebrates the 2025 Lunar New Year.
Valued at approximately $34.41 million, the burn is set to further reduce BONKโs circulating supply, which currently stands at 77.15 trillion tokens.
Sponsored
The Solana-based memecoin, with a $1.35 billion market cap, has already removed 8.7 trillion tokens from circulation since launch.
Limited Impact on Price
While token burns are often expected to boost the price by decreasing supply, BONKโs price has not shown significant upward movement post-burn as it remains trapped in a downtrend.
Furthermore, the tokenโs price dropped another 7% to a low of $0.00001660 on Thursday before rebounding to $0.0000175 on Friday, according to CoinMarketCap.
BONK remains under pressure, losing more than 30% over the past week. The memecoin now trades in a downtrend and 70.4% below its all-time high, reached in November 2024.
On the Flipside
- Despite the burn, the market reaction has been muted, with BONK continuing to slide.
Why This Matter
BONKโs latest token burn comes amid a price slump, a typical crypto strategy to reduce supply and bolster investor confidence. However, its continued decline underscores that market sentiment and broader conditions outweigh supply cuts in driving value.
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