BONK, a top five memecoin by market cap, is rallying as the project gears up for a major token burn event. However, the burn may not live up to the hype.
The price of BONK is up nearly 100% over the past seven days, ranking it as the third-best-performing meme token among the sector’s top 25 assets by market cap. BONK is now the 39th largest cryptocurrency with a $3.53 billion capitalization, according to CoinGecko.
BONK’s bullish momentum comes as the project gears to burn a targeted 1 trillion tokens ($50.9 million) on Christmas day as part of its BURNMas campaign. As part of the campaign, Bonk will burn tokens every time a user interacts with the project’s ecosystem in some way, such as trading on Bonk’s platforms, tweeting about Bonk, and following the project’s social channels, Each action corresponds to a fixed value of burned tokens.
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#undefined [Source: TheDefiant]