Bonk (BONK), one of the well-known memecoins of the Solana ecosystem, will hold a token burn event after reaching the 1 million token holder level, according to the statement made on the official X account.
BONK developers announced in a statement that the token burn amount was set at 1 trillion tokens. This corresponds to approximately $22 million at the time of writing. BONK's market value is currently around $1.8 billion.
Although the developers did not give a clear date or time, they announced a few minutes ago that they were about to reach 1 million token holders.
It is not known whether the tokens to be burned will be purchased and burned from the tokens in circulation or will be burned from the tokens owned by the developers.
It should not be forgotten that memecoins are particularly high-risk assets. In such developments, especially in the cryptocurrency market and memecoins, the expected impact may sometimes not come or may have been priced in in advance. It should also be kept in mind that the burn level is low compared to the total market value.
*This is not investment advice.
