BonkDAO has conducted a significant burn of 1.69 trillion BONK tokens during its “BURNmas” event, reducing the total supply by 1.8%. Despite this effort to constrict supply and buoy value, BONK has encountered a resistance level at 0.00003517 USD, resulting in a price decrease.
Market sentiment is bearish with 70.03% of positions being short. BONK currently trades at 0.00003144 USD, showing a 6.50% drop within 24 hours. Technical indicators reveal weaknesses, suggesting difficulties for BONK to maintain upward momentum without increased buying interest.
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