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BlockNews
Home CRYPTO

BONKDAO Launches Token Burn Campaign: 1 Trillion BONK to be Incinerated

Gary Ponce by Gary Ponce
November 17, 2024
in CRYPTO
Reading Time: 3 mins read
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  • BONKDAO burned $4 million worth of BONK tokens ahead of a quest to cut the token supply by 1 trillion tokens (worth around $4.3 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.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: AerodromeBonkBONKDAOCoinbaseFTXShiba Inutwitter
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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