BONK, a meme coin built on the Solana blockchain, is set to burn approximately 84 billion tokens, worth $3 million.
The BONK DAO has approved this proposal, aimed at reducing the circulating supply and increasing token value.
This significant move reflects a broader trend of strategic token burns among cryptocurrency projects. Learn more about the implications and the future of BONK in the crypto market.
BONK DAO Approves Massive Token Burn
On July 12, 2024, BONK, a popular meme coin based on the Solana (SOL) blockchain, announced the approval of a proposal to burn approximately 84 billion BONK tokens.
The proposal, passed by a majority vote, involves burning “83,917,950,070 BONK,” equivalent to 100% of the BONK tokens earned through BONKBot’s revenue-sharing contract in the second quarter. These tokens will be burned from the BONK DAO treasury.
The “83,917,950,070 BONK” tokens slated for burning are valued at approximately $2 million at the time of writing. The burn will be executed after the voting period ends.
The proposal allowed participants to deposit BONK tokens to vote, and the announcement includes a reminder for participants to withdraw their deposited and locked BONK tokens after the voting period concludes.
Token burning refers to sending a specific cryptocurrency to an inaccessible wallet address, effectively removing it from circulation permanently.
This process reduces the total circulating supply, potentially increasing the scarcity and value of each remaining token. The upcoming BONK token burn aims to achieve this effect, enhancing the token’s value by reducing supply.
BONK is not the only project engaging in token burns. Several other projects, including ASTR, KNINE, FLR, and SHIB, have recently conducted token burns as well.
These efforts reflect a growing trend among cryptocurrency projects to manage token supply and increase value through strategic burns.
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