BONK Drops 14% as Institutional Selling Accelerates in Risk-Off Environment

BONK, a Solana-based meme token, slid 14% successful the past 24 hours, falling from $0.000035 to $0.00003096.

The token experienced elevated volatility, with trading measurement exceeding 2.39 trillion BONK, suggesting assertive repositioning among organization participants.

Market absorption was established aboriginal astir the $0.000036 level, wherever sell-side unit surged, coinciding with bid publication information showing organization liquidations totaling much than 2.6 trillion tokens, according to CoinDesk Research's method investigation information model.

Temporary stabilization occurred overnight, with enactment forming adjacent $0.000031 arsenic sell-side measurement cooled to 1.48 trillion tokens, but upward momentum remained limited.

The steepest losses came betwixt 13:06 and 14:05 UTC connected July 29 arsenic BONK dropped 3%.

Quantitative models from high-frequency trading firms suggest further downside could beryllium likely, with momentum signaling a interruption beneath the cardinal $0.000031 enactment threshold. Unless organization request emerges, BONK whitethorn drift toward the psychologically important $0.000030 level successful the adjacent term.

Technical Analysis Highlights

• Price dropped 13.6% implicit 24 hours.
• Trading ranged from $0.00003565 (high) to $0.00003062 (low), a 14.1% swing.
• Institutional selling spiked supra 2.6 trillion tokens adjacent absorption astatine $0.000036.
• Temporary enactment formed astir $0.000031 with 1.48 trillion tokens absorbed.
• Final-hour diminution saw BONK autumn from $0.000032 to $0.000031, with 60B+ tokens traded.
• Algorithmic trading volumes surged betwixt 13:53–14:03, a imaginable motion of stop-loss triggers.
• Quant models task imaginable further diminution toward $0.000030 if absorption holds.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.