BONK Drops 12% as Whale Selling Intensifies Ahead of Fed Announcement
BONK, a popular memecoin on the Solana network, slid 12% over the past 24 hours, falling from $0.0000317 to $0.0000276 amid a wave of whale-led selling and broader market caution ahead of the U.S. Federal Reserve’s upcoming policy decision. The CoinDesk Memecoin Index (CDMEME) also dropped more than 8%, underlining weakness across the meme asset class.
The sell-off came with sharp volatility, as BONK traded within a wide $0.0000045 range—equivalent to a 16% intraday move. Significant resistance emerged near $0.0000322, where 1.03 trillion tokens were traded, according to CoinDesk Research’s technical model.
At 20:00 UTC on July 29, selling peaked with 2.59 trillion tokens exchanged in a single hour, driving BONK sharply lower.
The token briefly found support near $0.0000280, but momentum quickly faded. BONK dropped from $0.00002848 to $0.00002809 soon after—a 1.37% move that signaled renewed downside pressure.
A sudden 3.13% drop occurred between 10:47 and 10:52 UTC on July 30, as 60.6 billion tokens changed hands in five minutes. Analysts point to possible algorithmic trading or liquidation activity behind the sharp dip.
Key Technical Highlights:
- Resistance: $0.0000322 with 1.03T tokens traded
- Support Level Tested: $0.0000280
- Peak Hourly Volume: 2.59T tokens at 20:00 UTC on July 29
- Flash Crash: 3.13% drop in 5 minutes on July 30 with 60.6B tokens traded
- Trend: Sustained sell-side pressure with weak recovery signs
With the Federal Open Market Committee (FOMC) set to deliver its policy update, traders appear to be reducing exposure to high-risk assets like memecoins, adding to BONK’s downward momentum.
