Analysis $BONK Price Increased 30%: BONK DAO Burns 1 Trillion Tokens

Bittime - Analysis  $BONK price rose 30%, BONK DAO burns 1 trillion tokens. Bonk ($BONK), one of the Solana-based memecoins, saw its price surge by 30% in the last 24 hours.

This rise was triggered by BONK DAO's ambitious announcement to burn 1 trillion tokens through a community-driven campaign called “BURNmas.”

The campaign is one of the largest token burning events in Solana's history and is expected to have a significant impact on the token's value in the future.

Also read FLOKI Memecoin Price Prediction Listed on Coinbase

What is the $BONK “BURNmas” Campaign?

BONK DAO launched “BURNmas” in an effort to significantly reduce the supply of circulating tokens and increase the value of tokens for holders.

The campaign runs from November 15 to December 24, with a massive burn scheduled on Christmas Day.

Campaign Details:

1. Each participation on social media, such as a post with the hashtag #LetsBONK, will trigger the burning of 1,000 BONKs.

2. Each new follower on platforms such as Instagram, TikTok, and YouTube will result in the burning of 10,000 BONKs per platform.

3. Other activities such as gaming, betting on the BONKbets platform, and trading through BONKlive will also contribute to token burn.

This campaign is expected to not only reduce the token supply, but also increase the engagement of the BONK community, making it more powerful and relevant in the Solana ecosystem.

Also read 1 1000BONK to IDR

Why is BONK Price Soaring?

1. Supply Reduction Through Burning

Burning 1 trillion tokens will reduce the circulating supply, creating deflationary conditions that tend to increase the token price in the market.

2. High Community Engagement

The “BURNmas” campaign managed to attract huge attention from the crypto community, especially Solana users. The increased social and ecosystem activity had a positive impact on the price of BONK.

3. Surge in Investor Interest

In the past week, the price of BONK has surged 116%, with the market capitalization reaching $3.49 billion. This makes BONK one of the best performing Solana-based tokens, behind only Dogwifhat.

Also read Why XLM Crypto Price is on the Rise, Here's an Analysis!

$BONK Price Projections and Future Potential

BONK has shown a strong bullish pattern, with key support levels at $0.00005 and resistance targets at $0.00006.

If the market momentum continues, the token could potentially break new resistance levels at $0.00007 to $0.000075.

BONK to IDR via Market Bittime

Factors Supporting $BONK Price Increase:

1. Listing on Binance.US

Recently, BONK was listed on Binance.US, which gives investors wider exposure, especially in the US market.

2. Correlation with Solana

BONK's price increases often align with Solana's performance. When Solana rallies, BONK also tends to follow the bullish trend.

Conclusion

BONK is currently on a positive trend supported by an ambitious token burn strategy and great community engagement. With a bullish outlook and strong momentum, BONK has the potential to continue rising, especially if supporting factors such as new listings and community campaigns continue to develop.

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