The Bonk team initially promised to execute the burn on Christmas Day, but didn’t get around to it until Dec. 26.
Dog-themed memecoin Bonk failed to make its way out of a wider crypto slump despite a token-burning event that took 1.69 trillion BONK tokens, worth over $51 million, out of circulation.
In late November, the team behind the Solana-based memecoin Bonk (BONK) proposed to burn 1 trillion tokens under a scheme called “BURNmas,” which would burn 1,000 BONK for every X post with the hashtag #LetsBONK and 10,000 BONK per new follower on Instagram and TikTok. BURNmas was initially slated for Dec. 25.
It eventually exceeded the target and BonkDAO members voted in favor of an updated proposal to burn 1.69 trillion BONK tokens on Dec. 26 at 5:40 pm UTC.
