The Bonk team initially promised to execute the burn on Christmas Day, but didn’t get around to it until a day later on Dec. 26.
Dog-themed memecoin Bonk failed to wade its way out of a wider crypto slump, despite a token burning event which 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 — initially slated for Dec. 25.
It eventually exceeded the target and BonkDAO members voted in favor of an updated burn proposal to burn 1.69 trillion BONK tokens on Dec. 26 at 5:40 pm UTC.
