The price of the Dog-themed memecoin Bonk (BONK) fell by 7% after the much-anticipated BURNmas event, despite the removal of 1.69 trillion BONK tokens—worth over $51 million—from circulation.
Originally planned for Christmas Day, the Bonk team delayed the token burn until December 26, a move that disappointed some in the community. The BURNmas event was designed to burn 1 trillion BONK tokens through activities like posts with the hashtag #LetsBONK and gaining new followers on Instagram and TikTok. However, the total amount burned exceeded the target, with BonkDAO voting in favor of burning 1.69 trillion BONK tokens, which represents 1.85% of the 90.97 trillion BONK tokens currently in circulation, down from an initial 100 trillion.
Despite the massive burn, the BONK price did not follow the expected upward trajectory. Token burns are often used to drive up prices by decreasing supply, but after the December 26 event, the token fell by 7.2%, reducing its market capitalization to $2.3 billion. This decline occurred amid a broader slump in the cryptocurrency market.
Earlier in November, BONK had experienced a significant price increase following the burn of 100 billion tokens, which boosted its price by 56% and pushed its market cap to a high of $4.38 billion. However, the latest burn event did not produce similar results.
Community Frustration Over Delayed Burn
A key factor behind the price drop could be the disappointment felt by the Bonk community due to the delayed execution of the burn. Originally scheduled for Christmas Day, the failure to meet this promise led to frustration among some BONK holders. On social media platform X (formerly Twitter), users expressed their anger over the lack of communication and the delay in carrying out the event.
One user, BestBets, criticized the Bonk team for not keeping their word and suggested that the delay would harm the coin’s reputation. “Price is continuing to drop due to you guys not keeping your word and not having good communication,” they said. “You will lose so much progress and coin holders by lying to the community.”
Another user, PootieCoin, added, “I’m losing trust.”
Despite the price fall, BONK remains the fourth-largest memecoin by market capitalization, behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). As of now, the broader memecoin market is valued at $105 billion, with BONK holding a significant share.
