BONK endures 11% dip as selling pressure overwhelms market
The post BONK endures 11% dip as selling pressure overwhelms market appeared on BitcoinEthereumNews.com. Solana-based memecoin Bonk Inu (BONK) tanked by 11% over a volatile 24-hour trading period, erasing earlier gains triggered by a major token burn announcement. The token’s price dropped from an intraday high of $0.00003185 and $0.00003763, ending the week trading in the red. BONK’s value had gone up against the backdrop of its team’s announcement on X Thursday, which revealed a 500 billion token burn to reduce its supply and positively impact investor sentiment. However, the bullish momentum was abruptly halted when a wallet linked to Galaxy Digital transferred approximately $18.75 million worth of BONK to centralized exchanges. The large-scale movement caused a panic among holders, leading to a 9% pullback in under an hour. Galaxy Digital has impacted the token’s price throughout this business week. The firm had initially transferred $11.4 million worth of BONK to Binance after it accumulated a $30 million position in the token. Between July 21 and July 22, BONK traded within an 8% range, oscillating between $0.0000328 and $0.0000358. The token eventually settled 4% lower at $0.00003494. A brief spike to the upper end of the range caused a short rally, though the upward momentum faded when investors succumbed to profit-taking pressure, and over 100 billion BONK tokens exchanged hands. According to Coingecko data at press time, BONK is trading at $$0.00003332, and its trading volume has dropped by 28.52% in the last day. Long/short BONK traders balanced, derivatives activity shows According to Coinglass, BONK’s total volume across derivative markets dropped significantly, falling by 34.17% to $583.41 million. Open interest also declined slightly by 0.65%, landing at $59.6 million, suggesting traders may be unwinding positions or waiting on the sidelines. BONK derivatives data. Source: Coinglass Despite the downturn in volume, the 24-hour long/short ratio stood at 0.9826 in major exchanges, indicating nearly balanced sentiment…
The post BONK endures 11% dip as selling pressure overwhelms market appeared on BitcoinEthereumNews.com.
Solana-based memecoin Bonk Inu (BONK) tanked by 11% over a volatile 24-hour trading period, erasing earlier gains triggered by a major token burn announcement. The token’s price dropped from an intraday high of $0.00003185 and $0.00003763, ending the week trading in the red. BONK’s value had gone up against the backdrop of its team’s announcement on X Thursday, which revealed a 500 billion token burn to reduce its supply and positively impact investor sentiment. However, the bullish momentum was abruptly halted when a wallet linked to Galaxy Digital transferred approximately $18.75 million worth of BONK to centralized exchanges. The large-scale movement caused a panic among holders, leading to a 9% pullback in under an hour. Galaxy Digital has impacted the token’s price throughout this business week. The firm had initially transferred $11.4 million worth of BONK to Binance after it accumulated a $30 million position in the token. Between July 21 and July 22, BONK traded within an 8% range, oscillating between $0.0000328 and $0.0000358. The token eventually settled 4% lower at $0.00003494. A brief spike to the upper end of the range caused a short rally, though the upward momentum faded when investors succumbed to profit-taking pressure, and over 100 billion BONK tokens exchanged hands. According to Coingecko data at press time, BONK is trading at $$0.00003332, and its trading volume has dropped by 28.52% in the last day. Long/short BONK traders balanced, derivatives activity shows According to Coinglass, BONK’s total volume across derivative markets dropped significantly, falling by 34.17% to $583.41 million. Open interest also declined slightly by 0.65%, landing at $59.6 million, suggesting traders may be unwinding positions or waiting on the sidelines. BONK derivatives data. Source: Coinglass Despite the downturn in volume, the 24-hour long/short ratio stood at 0.9826 in major exchanges, indicating nearly balanced sentiment…
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