BONK Gains on Binance Tag Removal, Closes Day with Modest Upside Amid Heavy Profit-Taking
BONK, the Solana-based meme coin, posted a 4% intraday surge on July 21 following Binance’s decision to remove its “Seed Tag” classification, a move that helped lift the token to a session high of $0.000037. However, the rally lost momentum in the final hours as traders took profits, pulling BONK back to $0.00003492—a 1.3% net gain on the day.
The removal of the Seed Tag, typically applied to riskier assets, signaled increased market maturity for BONK and reduced perceived regulatory risk. The upgrade also opens the door for broader institutional participation, helping fuel the early rally.
Between 06:00 and 13:00 UTC, BONK experienced heightened trading activity, breaking through the $0.000034 level with volume surging to 3.19 trillion tokens, according to CoinDesk Research data. This breakout led to a test of resistance near $0.000037.
Technically, BONK traded within a wide $0.000045 range during the day, with volatility reaching 14% from peak to trough. Strong accumulation under $0.000035 drove the upward move, but the rally stalled near $0.000037 as sellers began to dominate.
The heaviest selling occurred late in the day, with a 2% drop from $0.000036 to $0.000035. At 15:32 UTC alone, 73 billion tokens changed hands, indicating a surge in profit-taking as the token approached resistance.
Despite the late pullback, market structure remains intact, with $0.0000345–$0.000035 emerging as a potential support zone. Analysts now watch whether BONK can consolidate at this level and attract new inflows for another attempt at breakout above $0.000037.
Key Technical Highlights:
- Intraday Range: $0.000034 – $0.000037 (14% swing)
- Volume Peak: 3.19 trillion tokens traded during rally
- Resistance Tested: $0.000037
- Heavy Selling: 73B tokens offloaded at 15:32 UTC
- Support Level: $0.0000345–$0.000035
- Closing Price: $0.00003492 (+1.3% daily)
