As a seasoned crypto investor with a knack for finding diamonds in the rough, I find myself intrigued by the meteoric rise of Solana-based meme coin BONK. With its recent 30% surge in the last 24 hours and a whopping 116% pump in the last seven days, it’s hard not to take notice.
Over the past 24 hours, the meme token BONK, built on the Solana platform, has surged by 30% following the announcement of a bold initiative by the BONK Decentralized Autonomous Organization (DAO). Their plan involves incinerating an astounding 1 trillion tokens through a collaborative effort with the community.
As a crypto investor, I’ve noticed an impressive surge – a whopping 116% increase – in the price of Bonk (BONK) over the past week. Currently, this token boasts a substantial market cap of $3.49 billion.
BONK is now the second-largest Solana (SOL) meme coin behind dogwifhat (WIF).
Let’s Light Up the BONK DAO BurnMas Mega Thread!
— BONK!!! (@bonk_inu) November 15, 2024
BONK’s BURNmas campaign details
The BONK Decentralized Autonomous Organization (DAO) has introduced an event called “BURNmas.” This is touted as the biggest on-chain, community-led token burning event ever to take place within the Solana blockchain’s history.
The campaign starts on November 15 at midnight UTC (Coordinated Universal Time) and ends on December 24. On Christmas Day at midnight UTC, all collected tokens will be destroyed.
The burn initiative introduces multiple engagement-based criteria for token burning.
As a researcher, I’m excited to share that engaging with posts using the #LetsBONK on X will ignite a reward of 1,000 BONK tokens for each post. Additionally, welcoming new followers across Instagram, TikTok, and YouTube will set off a chain reaction of 10,000 BONK token rewards per platform. This exciting campaign also encompasses various activities within our ecosystem.
As a researcher delving into the vibrant world of meme coins within the Solana blockchain, I’ve observed that BONK has carved out a significant niche for itself. With its impressive market capitalization of approximately $3.49 billion, it stands as a notable player, trailing only slightly behind DogWhatever, boasting a valuation of around $3.75 billion.
The DAO’s burn strategy encompasses various aspects across different platforms within the BONK universe, such as gaming, social interaction, and commercial transactions.
BONK burn Mechanism Breakdown
The program includes various burn triggers across different platforms:
- Team BaoBao Animation views: 10,000 BONK per view
- BONKbets platform: 50,000 BONK per bet
- BONKmark transfers: 50,000 BONK per card sent
- Moonwalk fitness game: 100 BONK per step
- New BERN holders: 100,000 BONK per holder (minimum 10,000 BERN)
- BONKlive and Saturnbot trading: 50,000 BONK per dollar traded
You can follow the development of this project live on BURNmas.com at any time. This gives everyone in the community a chance to observe how the campaign influences events, as we move closer to the end goal on Christmas Day.
Activities aimed at burning or destroying tokens are often used by different projects, such as the meme coin Shiba Inu (SHIB), as a strategy to lower their available token count in circulation.
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2024-11-17 17:10