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Fartcoin Fartcoin (FARTCOIN) $0.99 ↓ -11.84%
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Gala Gala (GALA) $0.02 ↓ -12.37%
The Sandbox The Sandbox (SAND) $0.28 ↓ -8.80%
Pyth Network Pyth Network (PYTH) $0.12 ↓ -10.39%
MemeCore MemeCore (M) $0.44 ↑ 2.19%
Bitcoin Bitcoin (BTC) $118,581.48 ↓ -3.75%
Ethereum Ethereum (ETH) $4,557.50 ↓ -3.88%
XRP XRP (XRP) $3.09 ↓ -5.98%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.03%
BNB BNB (BNB) $840.56 ↓ -0.90%
Solana Solana (SOL) $192.44 ↓ -4.51%
USDC USDC (USDC) $1.00 ↑ 0.01%
TRON TRON (TRX) $0.36 ↓ -1.02%
Dogecoin Dogecoin (DOGE) $0.22 ↓ -9.21%
Cardano Cardano (ADA) $0.93 ↑ 1.30%
Chainlink Chainlink (LINK) $22.49 ↓ -6.17%
Hyperliquid Hyperliquid (HYPE) $45.48 ↓ -3.64%
Stellar Stellar (XLM) $0.42 ↓ -6.56%
Sui Sui (SUI) $3.75 ↓ -6.57%
Bitcoin Cash Bitcoin Cash (BCH) $592.29 ↓ -3.99%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.04%
Hedera Hedera (HBAR) $0.25 ↓ -6.52%
Avalanche Avalanche (AVAX) $23.61 ↓ -7.74%
Litecoin Litecoin (LTC) $121.84 ↓ -6.93%
Toncoin Toncoin (TON) $3.42 ↓ -3.09%
UNUS SED LEO UNUS SED LEO (LEO) $9.30 ↑ 0.55%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -7.73%
Uniswap Uniswap (UNI) $10.90 ↓ -10.20%
Polkadot Polkadot (DOT) $3.98 ↓ -7.25%
OKB OKB (OKB) $97.46 ↓ -7.86%
Dai Dai (DAI) $1.00 ↑ 0.00%
Bitget Token Bitget Token (BGB) $4.56 ↓ -5.90%
Cronos Cronos (CRO) $0.15 ↓ -8.65%
Ethena Ethena (ENA) $0.73 ↓ -6.87%
Aave Aave (AAVE) $313.20 ↓ -5.70%
Pepe Pepe (PEPE) $0.00 ↓ -10.58%
Monero Monero (XMR) $241.88 ↓ -3.91%
Mantle Mantle (MNT) $1.09 ↓ -1.78%
Bittensor Bittensor (TAO) $365.43 ↓ -7.10%
NEAR Protocol NEAR Protocol (NEAR) $2.75 ↓ -8.19%
Ethereum Classic Ethereum Classic (ETC) $22.21 ↓ -8.59%
Aptos Aptos (APT) $4.73 ↓ -6.35%
Ondo Ondo (ONDO) $1.00 ↓ -7.29%
Pi Pi (PI) $0.38 ↓ -4.65%
Internet Computer Internet Computer (ICP) $5.47 ↓ -9.35%
Arbitrum Arbitrum (ARB) $0.52 ↓ -8.67%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↓ -7.04%
Kaspa Kaspa (KAS) $0.09 ↓ -8.65%
Algorand Algorand (ALGO) $0.25 ↓ -9.70%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.04%
GateToken GateToken (GT) $17.59 ↓ -0.99%
VeChain VeChain (VET) $0.02 ↓ -7.38%
Pudgy Penguins Pudgy Penguins (PENGU) $0.03 ↓ -12.06%
Cosmos Cosmos (ATOM) $4.51 ↓ -7.20%
Render Render (RENDER) $3.82 ↓ -8.96%
Bonk Bonk (BONK) $0.00 ↓ -13.43%
Worldcoin Worldcoin (WLD) $1.00 ↓ -11.61%
Sei Sei (SEI) $0.33 ↓ -8.30%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $8.99 ↓ -6.72%
Filecoin Filecoin (FIL) $2.51 ↓ -8.52%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.70 ↓ -7.66%
Story Story (IP) $5.51 ↓ -7.79%
KuCoin Token KuCoin Token (KCS) $13.10 ↑ 4.04%
Sky Sky (SKY) $0.08 ↓ -5.95%
Flare Flare (FLR) $0.02 ↓ -3.26%
Jupiter Jupiter (JUP) $0.51 ↓ -7.97%
Injective Injective (INJ) $15.19 ↓ -6.55%
Four Four (FORM) $3.80 ↓ -2.11%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ 0.00%
XDC Network XDC Network (XDC) $0.09 ↓ -3.13%
SPX6900 SPX6900 (SPX) $1.51 ↓ -11.60%
Quant Quant (QNT) $110.18 ↓ -4.67%
Optimism Optimism (OP) $0.75 ↓ -12.99%
Celestia Celestia (TIA) $1.76 ↓ -12.42%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -6.61%
Stacks Stacks (STX) $0.72 ↓ -8.36%
Curve DAO Token Curve DAO Token (CRV) $0.92 ↓ -12.27%
Lido DAO Lido DAO (LDO) $1.39 ↓ -7.00%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.01%
Aerodrome Finance Aerodrome Finance (AERO) $1.31 ↓ -5.41%
Immutable Immutable (IMX) $0.56 ↓ -12.22%
Raydium Raydium (RAY) $3.75 ↑ 0.72%
FLOKI FLOKI (FLOKI) $0.00 ↓ -12.73%
Fartcoin Fartcoin (FARTCOIN) $0.99 ↓ -11.84%
Ethereum Name Service Ethereum Name Service (ENS) $26.52 ↓ -10.73%
The Graph The Graph (GRT) $0.09 ↓ -8.43%
Kaia Kaia (KAIA) $0.16 ↓ -1.56%
PAX Gold PAX Gold (PAXG) $3,329.70 ↓ -0.70%
PancakeSwap PancakeSwap (CAKE) $2.71 ↓ -7.12%
Pendle Pendle (PENDLE) $5.48 ↓ -2.47%
dogwifhat dogwifhat (WIF) $0.92 ↓ -11.79%
Conflux Conflux (CFX) $0.18 ↓ -10.80%
Tezos Tezos (XTZ) $0.84 ↓ -5.42%
Sonic Sonic (S) $0.30 ↓ -8.30%
Nexo Nexo (NEXO) $1.35 ↓ -2.13%
Theta Network Theta Network (THETA) $0.83 ↓ -9.22%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -11.75%
Tether Gold Tether Gold (XAUt) $3,336.62 ↓ -0.69%
Vaulta Vaulta (A) $0.52 ↓ -9.60%
IOTA IOTA (IOTA) $0.20 ↓ -8.35%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.19 ↓ -13.77%
Gala Gala (GALA) $0.02 ↓ -12.37%
The Sandbox The Sandbox (SAND) $0.28 ↓ -8.80%
Pyth Network Pyth Network (PYTH) $0.12 ↓ -10.39%
MemeCore MemeCore (M) $0.44 ↑ 2.19%
Home Cryptocurrency

BONK’s Big Burn: Will Cutting Supply Ignite a Price Surge?

Haider Ali by Haider Ali
27 December 2024
in Cryptocurrency, News
Reading Time: 4 mins read
0
BONK’s Big Burn: Will Cutting Supply Ignite a Price Surge?

BONK’s Big Burn: Will Cutting Supply Ignite a Price Surge?

BONK, one of Solana’s most prominent meme tokens, is now trading at $0.000031, which is nearly its one-month low. It’s a sharp falloff from its high of $0.000053 which it hit just back on November 22, indicating that its value is trending in the wrong direction.

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Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • MoonBull’s Explosive Growth Makes It the Top New Meme Coin to Watch in 2025 – Just a Chill Guy And Floki Remain in Play
    • 5 Viral Cryptos Fueling the 2025 Hype Wave – MoonBull Crowned Best Upcoming Crypto in 2025
  • BONK’s Token Burn: Reducing Supply from 100 Trillion to 91 Trillion
  • BONK’s Market Sentiment: Neutral with Rising Trader Interest
  • Conclusion
  • FAQs

YOU MAY BE INTERESTED

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Traders are also turning away from BONK, as open interest has decreased to $8.32 million, which is a three-month low. In spite of those ongoing challenges, BONK has kept its community going and hopes to one day return to the crowded meme token market.

BONK’s Token Burn: Reducing Supply from 100 Trillion to 91 Trillion

BONK's Price Struggles Despite $52 Million Token Burn Initiative

Recently, Bonk DAO burned 1.69 trillion BONK tokens to rejuvenate the value of BONK tokens, bringing the total supply to a fresh low of 91 trillion from 100 trillion. They received overwhelmingly significant approval on this burn at a value of over $52 million. They pulled it off in a single transaction on the Solana blockchain. 

Resetting the figures for the circulating supply was part of BONK’s second-anniversary celebrations and was a strategy to increase the value of the token by reducing it.

Community engagement activities, including social media campaigns and ecosystem partner collaborations, were standard alongside a run of burn campaign activities from November 15 to December 25. Although the supply has decreased, BONK’s price hasn’t completely rallied. 

The community-driven initiative was a mixed bag, with newer Solana-based meme tokens like Pudgy Penguins’ PENGU and DogwifHat (WIF) picking up momentum. On Monday, PENGU surpassed BONK to become the leading meme token on Solana, with a market capitalization of $2.4 billion.

Even on Paradox, it was outpaced by major exchange Binance as the largest holder of the token, retaining 9% of the total supply. Moreover, 4.8% of BONK’s total supply is locked in staking pools, which means there are only 95.2% of tokens in circulation on the market.

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BONK’s Market Sentiment: Neutral with Rising Trader Interest

BONK's Price Struggles Despite $52 Million Token Burn Initiative

Yet BONK is optimistic about what has to come. The token still benefits from a well-established community, widespread across 11 different networks and listed on major exchanges. The BONK market sentiment is in the neutral territory with the current Fear & Greed Index indicating a Greed mode, so the interest of traders is increased.

For price predictions, BONK is trading between key support levels of $0.000031, $0.000029 and $0.000028 and resistance levels of $0.000033, $0.000034, and $0.000036. Analysts are expecting a rebound, predicting a 30.39% price surge in the coming five days, at least giving short-term optimism.

BONK is surprisingly a player in the current market, as investors are starting to look for low market cap tokens to earn gains. Though only time will tell whether BONK can rise from the ashes and return to its position as one of the token meme leaders in the crypto space, a scenario has been presented that could, at least, allow them to breathe a sign of ease.

Conclusion

The recent setbacks of the BONK tokens notwithstanding, the token and server team behind BONK are feeling good about their course, with their loyal community and token burn. The token is present across 11 chains and listed on the biggest exchanges, which could mean a possible recovery as traders diversify into under-cap tokens.

Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.

FAQs

  1. Why has BONK’s price dropped recently?
    BONK’s price fell from $0.000053 to $0.000031 due to reduced open interest and traders shifting focus to other assets.
  2. What was the impact of the Bonk DAO token burn?
    Bonk DAO burned 1.69 trillion tokens, reducing the supply to 91 trillion, aiming to boost BONK’s value.
  3. How did the community participate in the burning campaign?
    The community supported the burn via social media and ecosystem partnerships, with 99% voting in favour.
  4. 4. What is BONK’s price outlook?
    Analysts predict a 30.39% price surge in the next five days, with growing trader interest indicated by a “Greed” sentiment.
Tags: BonkcryptocryptocurrencySOLWIF
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Haider Ali

Haider Ali

Haider Ali is a seasoned crypto journalist known for delivering insightful analysis and breaking news in the blockchain and cryptocurrency space. His work is featured in leading industry publications, earning him a reputation as a trusted voice in the crypto community.

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