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The BONK digital currency, inspired by dogs and operating on the Solana network, has seen significant fluctuations in its value recently. In December 2024, the decentralized organization (DAO) executed a major burn involving 1.69 trillion BONK tokens worth around $52 million, as part of the 'BURNmas' initiative aimed at reducing supply and increasing scarcity. This operation represented about 1.8% of the total supply of 92.7 trillion tokens.
Despite these efforts, the currency has experienced a decline in value of 7.2% since the burn operation on December 26, bringing the market value to $2.3 billion, amid a general decline in the cryptocurrency market. Nevertheless, BONK remains the fourth largest meme coin by market capitalization, after Dogecoin, Shiba Inu, and Pepe.
Earlier in the same month, BONK achieved an extraordinary increase in its value of 1200% over a short period, surpassing the $2 billion mark in market capitalization. This rapid rise is attributed to several factors, including its association with the Solana (SOL) coin, which also saw a rise of 650% since the beginning of the year, in addition to BONK's listing on major trading platforms such as Coinbase and Binance, which boosted investor confidence and increased trading volume.
These developments show that burns and listings on major platforms can significantly affect the value of cryptocurrencies, but they do not guarantee lasting stability, as these markets remain subject to ongoing fluctuations.