Bonk DAO Burns 1.69 Trillion Tokens to Decrease Supply

user avatar

by Giorgi Kostiuk

2 years ago

Bonk, one of Solana's leading meme tokens, decreased its supply by 1.69 trillion tokens following a community vote. This initiative aims to support BONK's value growth.

Bonk DAO Token Burn

Bonk DAO decreased the supply to 91 trillion from the initial 100 trillion tokens. This burn was recorded as part of the Burnmas initiative in a Solana transaction.

Based on community participation in Burnmas, the amended vote has passed and 1.69 Trillion BONK has been burnt from the @bonk_dao multisig.BONK!!!

Community Role and Future Plans

BONK aims to be community-owned, ensuring the asset remains deflationary. BONK DAO still holds 9% of the total supply, making it the largest single entity on the chain.

BONK Prices and Prospects

Despite the burn, BONK did not rally immediately but remains undervalued, expecting potential future growth. BONK has lost some leading positions to other meme tokens but maintains strong standings due to its wide audience and listings on major platforms.

The token burn highlights Bonk DAO's effort to maintain ecosystem dynamics. With this initiative, the community solidifies its stance, though future steps and market impact will remain in focus.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Binance Expands Use of Tokenized Stocks for Margin Utility

Binance has introduced a new feature allowing users to use eligible bStocks as collateral in its MultiAssets Mode.

user avatarMaya Lundqvist

Binance Introduces 24/7 Foreign Exchange Perpetual Contracts

Binance has launched a new trading model for 24/7 trading of foreign exchange perpetual contracts, starting with a contract linked to the US dollar and Brazilian real.

user avatarLeo van der Veen

Ondo Finance Streamlines Institutional Stock Tokenization

Ondo Finance has introduced a new integration that simplifies the process of institutional stock tokenization by allowing direct contribution of existing equity inventory.

user avatarLi Weicheng

Investigation into Zondacrypto Founder’s Disappearance Intensifies

The investigation into the disappearance of Zondacrypto founder Sylwester Suszek has intensified as Polish police search a fuel depot linked to his last known whereabouts.

user avatarTenzin Dorje

OKX Introduces Shield to Enhance User Security in Europe

OKX has launched a new initiative called OKX Shield aimed at improving exchange security for European users by requiring a hardening checklist for tiered financial protection against account takeovers.

user avatarAisha Farooq

Former Police Officer Charged in Zondacrypto Exchange Collapse

Former police officer Artur K has been charged with multiple offenses related to the collapse of the Zondacrypto exchange, including membership in an organized criminal group and aiding in the misappropriation of funds.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.