Despite a token-burning event that removed 1.69 trillion BONK tokens, worth over $51 million, from circulation, the dog-themed memecoin Bonk failed to break out of a broader crypto slump.

In late November, the team behind the Solana-based memecoin Bonk proposed burning 1 trillion tokens under a plan called “BURNmas.” The plan involved burning 1,000 BONK for every X post with the #LetsBONK hashtag and 10,000 BONK for every new follower on Instagram and TikTok. BURNmas was initially scheduled for December 25.

However, it exceeded the target, and BonkDAO members voted in favor of an updated proposal to burn 1.69 trillion BONK tokens on December 26 at 5:40 pm UTC.

This represents 1.85% of the 90.97 trillion BONK tokens currently in circulation, down from 100 trillion, according to CoinGecko data.

BONK Price Declines

Token burning is a common strategy to increase token prices by creating a more favorable supply and demand dynamic.

However, despite this strategy, the token has failed to replicate the success it saw from the burning of 100 billion BONK tokens on November 13. During that period, the token price increased by 56%, reaching a new all-time high market cap of $4.38 billion within a week.

Since the December 26 burning event, the token has decreased by 7.2%, with its market cap falling to $2.3 billion. This has occurred amid a broader market downturn.

While the reason for the sell-off is unclear, some Bonk enthusiasts expressed frustration with the Bonk team for failing to execute the burn on Christmas Day as promised.

Hours before the burn event on December 26, X user BestBets told Bonk core contributor Nom:

“The price continues to drop because you guys didn’t keep your word and didn’t communicate well.”

BestBets added, “You will lose a lot of progress and coin holders by lying to the community.”

X user PootieCoin commented, “I’m losing trust.”

Despite the price drop, BONK remains the fourth-largest memecoin in the growing $105 billion market, trailing only Dogecoin, Shiba Inu, and PEPE, according to CoinGecko data.

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BONK, a Solana-based meme coin, has seen a 7% surge following the news of its potential listing on Revolut’s trading platform.

In a proposed collaboration, the European fintech company plans to launch a “Learn and Earn Campaign” aiming to increase its user base by 500,000. This initiative’s details can be found in the announcement made by BonkDAO on February 14.

Revolut currently has 38 million users and banking licenses in more than 50 countries. Thus, BonkDAO only needs to reach a mere 1.3% segment to achieve its goal.

It is necessary to encourage Revolut users to participate in the “Learn and Earn” campaign, where, reportedly, they will be rewarded with a $1.2 million prize.

BONK price

As per CoinGecko, BONK price is currently at $0.000014 following the news, having risen by 7.2% in the last five hours and 17.46% in the previous 24 hours.

By the end of 2023, BONK had increased its price by 14,000% to reach an all-time high of $0.000025. However, it has since fallen by 60% , but it still remains one of the most popular tokens in terms of trading volume.

The campaign is still awaiting its official green light and needs BonkDAO’s approval. Currently, seven out of twelve Bonk members have voted in favor of the campaign, needing just one more vote to reach approval majority. No one voted against the campaign. The remaining five voters have four days to cast their votes.

If approved, the “Learn and Earn” campaign will be conducted in two stages. The first stage is intended to initiate BONK’s organic growth on Revolut, which will last between one and two months. Afterwards, the Learn and Earn campaign will be fully launched.

Meanwhile, rumors are circulating that BONK will be listed on Robinhood soon, although neither party has clearly confirmed this.

Babe wake up! We’re all bullposting Bonk on the Revolut news and Robinhood rumors!

My heart is so full

Best Valentines ever

— Jecy | AllDomains (@Jecy024) February 14, 2024

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