BONK Slides 12% as Whale Selling Accelerates Ahead of Fed Meeting
Solana-based memecoin BONK dropped 12% over the past 24 hours, falling from $0.0000317 to $0.0000276 amid intensified selling by large holders and heightened market volatility. The broader memecoin sector also came under pressure, with the CoinDesk Memecoin Index (CDMEME) falling over 8%.
BONK traded within a wide $0.0000045 range, reflecting intraday price swings of more than 16%. Heavy resistance near $0.0000322 triggered a wave of sell orders, with volume reaching 1.03 trillion tokens at that level, according to CoinDesk Research’s technical analysis model.
The most aggressive selling occurred at 20:00 UTC on July 29, when trading volume spiked to 2.59 trillion tokens in just one hour, sharply accelerating the decline.
Market participants are attributing the sell-off in part to traders repositioning ahead of the U.S. Federal Reserve’s policy decision on Wednesday—a macro event that could influence risk appetite across crypto markets.
While BONK briefly found support around $0.0000280, that level failed to hold as bears quickly regained control. The token slipped from $0.00002848 to $0.00002809 in a short window, marking a 1.37% drop.
A flash sell-off between 10:47 and 10:52 UTC on July 30 saw BONK tumble 3.13% in five minutes as over 60.6 billion tokens changed hands—likely triggered by automated liquidations or algo-driven trading under pressure.
Key Technical Levels & Market Activity:
- Price Range: $0.0000322 (resistance) to $0.0000276 (support) — 16% intraday swing
- Major Sell Zone: $0.0000322 with 1.03 trillion tokens traded
- Support Area: $0.0000280, repeatedly tested but ultimately broken
- Peak Volume: 2.59 trillion tokens traded at 20:00 UTC on July 29
- Flash Crash: 3.13% drop in 5 minutes during early July 30 session
- Volume Trend: Sustained dominance of sell-side activity over bids
