- BONKDAO burned $4 million worth of BONK tokens ahead of a quest to cut the token supply by 1 trillion tokens (worth around $43 million)
- BONK’s price increased by 14% in the last 24 hours and 100% in the past week, reaching a $3 billion market cap
- BONK was recently deployed on the Coinbase-incubated Base blockchain and listed on BinanceUS
BONKDAO, one of the largest memecoin projects on Solana, made waves this week by burning $4 million worth of BONK tokens. This kicks off an aggressive campaign to incinerate 1 trillion tokens and reduce total supply, which can increase scarcity and value. Let’s explore the details behind this fiery token burning spree.
BONKDAO Sparks Surprise $4 Million Token Burn
On Wednesday, BONKDAO surprised holders by burning $4 million worth of BONK tokens. This burn decreased BONK’s total supply, which can benefit the token’s value and community, BONKDAO explained in a blog post.
The organization highlighted ways members can help burn more BONK, like using the hashtag #LetsBONK on Twitter or betting on BONKbets. BONK’s price has jumped 14% in the last 24 hours and 100% over 7 days amid the burn announcement.
BONK Expanding Beyond Solana With Help From Major Players
BONK was originally a Solana-native memecoin launched in winter 2022 after FTX’s collapse. Now it’s spreading to other chains through bridges like Wormhole.
For example, BONK was just deployed on Coinbase-incubated Base Layer 2. Binance.US also listed BONK this week. Meanwhile, Base DEX Aerodrome is promoting BONK burns on Twitter, where #LetsBONK has around 12,200 posts.
Dog Coin Hype Propels BONK to Top Memecoin Ranks
As a dog-themed memecoin based on the Shiba Inu, BONK is riding high on the dog coin mania seen by Dogecoin and others. BONK now ranks as the 5th largest memecoin with a $3 billion market cap after its recent surge.
Conclusion
With major exchange listings, cross-chain expansion, influencer marketing, and a serious token burn plan, BONKDAO is fanning its memecoin flames into an inferno. The coming trillion token bonfire will further limit supply and could ignite even more gains for fiery holders.
