BONK Memecoin to Burn $50 Million to Commemorate 2nd Anniversary

BONK, a Solana dog-themed memecoin, will burn 1.69 trillion tokens, worth approximately $54 million and around 2% of its total supply, during its BURNmas event, according to a recent X post. The event will proceed once community members approve the burn via a DAO vote.

The move follows a Nov. 13 burn where $3.15 million worth of BONK tokens were burnt, which caused the price to rise over 50% to an all-time high market capitalization of $4 billion. However, its market cap has dropped since then and is now at $2.3 billion, according to Coingecko data.

The BURNmas event began with a Nov. 14 proposal to the Bonk community to burn 1 trillion Bonk tokens to celebrate its second anniversary. Per the proposal, 1,000 BONK would be burned for every tweet with the #LetsBONK hashtag, while 10,000 BONK would be burned for every new follower on Instagram and TikTok.

However, the community smashed the 1 trillion target, bringing the total amount of BONK to be burned to 1.69 trillion.