The memecoin BONK, hyped for its dog-themed nature, has hit a rough patch. Even after the big token burn event on December 26—where 1.69 trillion tokens worth $51 million were burned—the price still dropped by 7.2%.
Now sitting with a market cap of $2.3 billion, BONK is feeling the heat. Some say market-wide struggles and brewing frustration in the community are partly to blame. It appears a massive token burn might not save the token from sinking.
Why is the token down?
Some frustrated users blamed the team’s decision to move the burn from the 25th to the 26th as a possible factor for the decline. An aggrieved user commented, “Price is continuing to drop due to you guys not keeping your word and not having good communication. You will lose so much progress and coin holders by lying to the community; it’s happening right now.”
Hey BONKers, a quick BURNmas Update:
During the campaign, the BONK community exceeded The Dog’s (and the DAO’s) expectations and REALLY showed up❗️❗️❗️
The final number of $BONK gathered by these incentives is over 1,690,000,000,000🔥
All that remains now is a DAO multisig… pic.twitter.com/GtZ16u3FK7
— BONK!!! (@bonk_inu) December 25, 2024
The token burn event, tagged “BURNmas,” was originally planned to burn 1 trillion BONK tokens. Furthermore, the project planned to burn 1,000 tokens for every #LetsBONK post on X and 10,000 for every new follower on TikTok and Instagram.
BonkDAO Burns 1.69 Trillion Tokens, Sparking Mild Price Recovery
However, BonkDAO decided to up the stakes. They approved a new plan that bumped the burn to a massive 1.69 trillion tokens—about 1.85% of BONK’s circulating supply. This brought the total supply down from 90.97 trillion tokens, giving the community a smaller pool to work with.
BREAKING: @bonk_dao MULTISIG BURNS $52M WORTH OF SOLANA MEMECOIN $BONK (@bonk_inu) pic.twitter.com/QvR5YTnfdw
— DEGEN NEWS (@DegenerateNews) December 26, 2024
The BONK price took a heavy hit after the burn. However, there’s been a mild recovery, with the token up by 5% in the last few hours.
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