The Bonk Decentralized Autonomous Organization (DAO) has carried out the much-anticipated token burn, burning over a trillion BONK tokens. This provides a bullish outlook for the top Solana meme coin, although its price has yet to react to this development.
Bonk DAO Burns $52 Million BONK
Onchain data shows that the Bonk DAO has burned 1.69 trillion BONK tokens through the multi-sig wallet today. The official X account also confirmed this token burn.
This token burn was carried in line with the much-anticipated “BURNmas” event. Initially, 1 trillion tokens were meant to be burnt. However, the team revealed that an amended vote was passed, leading to the 1.69 trillion token burn from the multi-sig wallet.
The total supply of the Solana meme coin is now 91 trillion tokens, down from the original 100 trillion tokens. Token burns typically provide a bullish outlook for the coin. This could lead to a supply shock, which would make BONK more valuable.
The token burn is also timely, considering that the meme coin is facing added competition for the top Solana meme coin spot following the PENGU token launch. The PENGU price recently rallied over 18%, overtaking BONK and Dogwifhat in the process.
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