The memecoin BONK
The initiative, known as BURNmas, destroyed 1.69 trillion BONK tokens on December 26. Since the event, however, BONK’s value has dropped 7.2%, with its market cap now at $2.3 billion.
Broader market conditions and frustrations within the BONK community may have contributed to this decline.
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Some BONK supporters expressed frustration over the timing and communication around the burn. Many pointed out that the delay from December 25 to 26 hurt the team’s credibility.
One X user, @BestBets_, commented:
The community as a whole feels scammed. Please give us a date and time for the vote and the burn. Price is continuing to drop due to you guys not keeping your word and not having good communication.
Initially, the BURNmas event aimed to burn 1 trillion 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 burn amount to 1.69 trillion tokens. This accounted for 1.85% of the current circulating supply, reducing the total from 90.97 trillion tokens to a smaller pool.
As 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 crash part of a bigger plan? Read the full story.
