BONK Slides 9% After Exchange Transfers Undercut Burn Rally
BONK, the Solana-based memecoin, saw its price whipsaw within a 24-hour span, as enthusiasm from a major token burn was quickly offset by whale-linked exchange activity.
The token initially surged to $0.00003763 following the announcement of a 500 billion BONK burn — a bullish move that hinted at supply-side tightening. But the momentum didn’t last. A wallet tied to Galaxy Digital shifted $18.75 million worth of BONK to centralized exchanges, sparking a rapid 9% selloff that pushed the price down to $0.00003430 in under an hour.
Despite the reversal, BONK found support above $0.00003400, with technical levels between $0.00003185 and $0.00003230 holding firm after several retests. CoinDesk Research flagged the sudden uptick in volume and price action as a tug-of-war between bullish burn signals and bearish liquidity fears.
Overall, BONK’s 15% swing reflects broader altcoin market volatility, with speculative flows intensifying as Bitcoin dominance weakens. The memecoin continues to draw both institutional and retail attention — though traders remain highly reactive to on-chain signals.
Key Technical Insights:
- Intraday range: $0.00003185 to $0.00003763 (+15%)
- Price dropped 9% from the peak within one hour
- Strong short-term support: $0.00003185–$0.00003230
- Short bounce to $0.00003438 shows signs of stabilization
- Volume tapered in final trading window, suggesting easing sell pressure
BONK’s outlook hinges on how markets interpret the balance between deflationary moves and potential profit-taking from large holders.
