The post Bonk DAO burns 1.69T tokens, bringing the supply down to 91T appeared on BitcoinEthereumNews.com.

Bonk DAO voted in favor of another decrease in the token’s supply. The community gathered 1.69T tokens, which were burnt from the DAO’s multi-sig wallet.  Bonk (BONK), one of the leading Solana meme tokens, decreased its supply by 1.69B tokens after a community vote. The token burn by Bonk DAO aims to further decrease the supply and spark value growth for BONK.  The token burn further limits the supply down to 91T from an initial creation of 100T tokens. The burn was achieved in a single Solana transaction and recorded for the community. Based on community participation in Burnmas, the amended vote has passed and 1.69 Trillion $BONK has been burnt from the @bonk_dao multisig The Total Supply of $BONK is now down to 91 Trillion Tokens from it’s original 100 Trillion ❗️❗️❗️#LetsBONK — BONK!!! (@bonk_inu) December 26, 2024 BONK aims to be a community-owned token, where users agree to hold and keep the asset deflationary for long-term appreciation. The current burn mixed various forms of social media and ecosystem engagement, adding more exposure for BONK on social media. The BONK burned is valued at over $52M in notional value, and represents around 2% of the total supply. After the burn, the wallet of Bonk DAO still holds 9% of the total supply and is the biggest singular entity on the chain. The DAO wallet even surpasses the BONK holdings on Binance. The BONK staking pool locks up an additional 4.8% of the token’s supply.  Bonk DAO still holds 9% of the total token supply. | Source: Bubblemaps The recent token burn was a continuation of the 2023 Bonkmas event. The supply burn also marks the second anniversary of BONK. The vote aims to boost participation across the ecosystem, as the project’s main goal is to boost Solana usage through…

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Filed under: News - @ December 26, 2024 9:27 pm