Solana Meme Coin BONK Token Burn Ahead, BONK Price Rally Soon?

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As a seasoned analyst with over a decade of experience in the crypto markets, I have seen my fair share of bull runs and bear markets, but the potential surge in BONK is one that has caught my attention. The upcoming “BURNmas” event by BonkDAO, where they plan to burn 1.8% of the total BONK supply, could be a major catalyst for the meme coin’s price.

The meme coin BONK is anticipated to experience a significant bullish rally due to BonkDAO’s upcoming event, “BURNmas.” This celebration aims to remove 1.69 trillion BONK tokens (worth approximately $54 million) from circulation. This action could potentially boost the BONK price significantly.

Reducing the number of BONK tokens in circulation by burning them will significantly impact the token’s supply structure, which could stimulate optimistic feelings among investors about the Solana meme coin in the future.

Hey BONKers, a quick BURNmas Update:

Throughout the campaign, the BONK community surpassed both The Dog’s and the DAO‘s predictions with an impressive showing! 🚀🚀🚀

The final number of $BONK gathered by these incentives is over 1,690,000,000,000🔥

All that remains now is a DAO multisig…

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

As a crypto investor, I’m excited about BonkDAO’s strategy that involves reducing the circulating supply of BONK by burning approximately 1.8% of the total tokens, which amounts to around 92.7 trillion coins. This significant reduction will be carried out through a multi-signature vote, demonstrating their dedication to community-led governance.

Amid a broader downturn in the cryptocurrency market, the price of BONK has been experiencing significant selling pressure, dropping by around 6-7% today. At the moment of writing, BONK is being traded at $0.00003151, with its market capitalization hovering slightly under $2.4 billion. Throughout 2024, BONK has been one of Solana’s top meme coins, boasting a 75% increase in value year-to-date. The price fluctuations of the token are being driven by investor speculation concerning the potential effects of an upcoming burn on its supply and worth.

On July 9, 2024, one of the biggest burns of BONK tokens occurred, with a total of 84 billion tokens being destroyed, equivalent to $2 million in value at the time. This event triggered a 25% increase in the price of BONK shortly after. Given the dynamics of supply and demand for BONK, it’s possible that another price surge like this could happen again in the future.

BONK Price Prediction This Christmas

On November 20, 2024, the cryptocurrency Bonk (BONK) hit its maximum ever value at $0.000059. Currently, in this market cycle, BONK’s highest point is $0.000035, with a lowest point of $0.000025, demonstrating significant price fluctuations. Over the past month, its volatility rate was 13.44%, and it had 15 days where its value increased among the last 30 days.

Currently, the general feeling towards BONK is balanced, but the Fear & Greed Index shows a “Greed” level, signaling increased trader engagement. Experts are keeping a close eye on crucial support zones at $0.000031, $0.000029, and $0.000028, as well as resistance points at $0.000033, $0.000034, and $0.000036. These levels are important as traders maneuver through the market’s continuous ups and downs.

Based on current market forecasts, it’s anticipated that the value of the BONK token could potentially rise by approximately 30.39% within the next five business days.

Today, it’s worth noting that the meme coin from Pudgy Penguins (PENGU) has overtaken BONK, making it the largest Solana-based meme coin by market capitalization. This development follows a significant buildup of large investor positions in the PENGU token and its recent listing on the cryptocurrency exchange, Bithumb.

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2024-12-26 14:55