BONK to Initiate 1 Trillion Token Burn – Could This Lead to a Significant $1 Increase?

In late November, the development team behind the well-known Solana-based meme coin BONK proposed a plan to burn 1 trillion tokens contributed by the community during an event called BURNmas.

On Wednesday, they revealed that they have exceeded this goal and will now be burning a total of 1.69 trillion tokens, a decision that could potentially drive the price of BONK to new levels.

Hey BONKers, a quick BURNmas Update:
During the campaign, the BONK community surpassed The Dog’s (and the DAO‘s) expectations and truly made an impact
The final amount of $BONK collected through these incentives is over 1,690,000,000,000
All that remains now is a DAO multisig… pic.twitter.com/GtZ16u3FK7

— BONK!!! (@bonk_inu) December 25, 2024

Consequently, Bonk is among the few meme coins that have recorded gains over the past week, providing a 7% return to holders during this timeframe.

Importantly, on December 20, when the project’s founders announced reaching the initial 1 trillion milestone, the price of BONK increased by 14%. However, the token has not been immune to the recent downturn affecting the broader crypto market, accumulating a 30-day loss of 25.6%.

Other tokens have faced similar declines during this period, including Dogecoin (DOGE), which has seen a 20.2% drop, and dogwifhat (WIF), which has experienced even greater losses of 42.6% over the past 30 days.

Token burns involve transferring a specific quantity of tokens to a designated crypto wallet that is used to permanently eliminate the assets from the blockchain. A smart contract is established to automate this removal, and contributors are verified to ensure they possess the number of tokens they intend to send to the burn address.

Once executed, these tokens cease to exist, resulting in a decrease in the total supply of the asset.

The primary aim of token burns is to create scarcity. In theory, this should lead to an increase in the asset’s value over time if demand remains steady or grows.

Data from CoinMarketCap shows that the total supply of BONK currently stands at 92.66 trillion tokens. This indicates that a 1.69 trillion BONK burn would lower the circulating supply by 1.8%.

BONK Continues to Decline as the Market Adjusts to the Federal Reserve’s New Strategy

The BONK/USD chart illustrates that the price is on a distinct downward trend since reaching new all-time highs on December 20 at $0.00005029.

This descending channel is characterized by a series of lower highs and lower lows, typically indicating a significant weakness in demand for the token.

The hawkish remarks made by the Federal Reserve during their latest monetary policy meeting have contributed to the decline in the valuation of various crypto assets. The central bank of the United States indicated that they are now prepared to implement two interest rate cuts next year instead of the three that were initially anticipated.

Market participants view this as a signal that inflation could rise again in the next one to two quarters, increasing the likelihood that the Fed might even pause its easing measures.

Lower interest rates generally favor high-risk assets like cryptocurrencies, as investors tend to adopt a risk-on approach and liquidity increases.

Despite this temporary weakness, the meme coin sector as a whole has seen a notable surge following Donald Trump’s victory in the November U.S. election.

The prices of most assets have risen to new heights since then, and BONK is no exception, having achieved gains of 134.4% since the beginning of the year.

At present, the chart suggests that the price may continue its downward trend in the near term unless there is a breakout above the upper trend line at some future point. However, given the substantial gains that meme coins have experienced recently, this pullback may provide late buyers with an opportunity to enter the market at more favorable prices.

Investors Are Investing Millions into This Innovative Meme Coin

The Flockerz presale is drawing millions from investors despite the prevailing negative sentiment that has dominated the crypto market over the past 30 days.

Currently, the $FLOCK token has successfully raised $7.9 million in just a few days, thanks to its attractive incentive mechanism known as vote-to-earn (V2E).

Big Announcement for The Flock
In just 30 days, the Flockerz presale will conclude. This is your final opportunity to get in on the ground floor; to secure your share of the presale, head over to: https://t.co/HKN509Un5J
It’s time to join The Flock! pic.twitter.com/OWkEzSXu3u

— Flockerz (@FlockerzToken) December 23, 2024

Vote-to-earn (V2E) rewards token holders for engaging in the project’s decision-making process by casting votes.

Flockerz is at the forefront of this trend, positioning the meme coin for positive performance once the mechanism gains wider adoption.

The token has undergone audits by two reputable crypto security firms – SolidProof and Coinsult – both of which have confirmed that the project is free of coding vulnerabilities.

Currently, the $FLOCK token is priced at $0.00653 during the presale. However, this price will only be available for the next 27 days. Once this period concludes, the token will be launched and listed on exchanges, leading to a price increase.

To purchase $FLOCK at this discounted rate, simply visit the Flockerz website and connect your wallet. If you do not have one, you can download the Best Wallet from Google Play or the Apple App Store.

You can either convert ETH or USDT tokens to acquire $FLOCK or use a bank card.

Don’t miss the opportunity to invest in this promising meme coin that could potentially yield 10X gains once it is listed on major exchanges.

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