Altcoin
Bonk DAO Burns $52 Million Worth Of BONK
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.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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