BONK Slips 9% After Burn-Fueled Rally, Exchange Activity Sparks Profit-Taking
Solana-based memecoin BONK saw sharp price swings on Thursday, dropping 9% from its session highs after large-scale token transfers to exchanges overshadowed bullish sentiment from a major burn announcement.
The token surged early in the day following news of a 500 billion BONK token burn, reaching a high of $0.00003763. However, momentum reversed quickly as blockchain data flagged a wallet linked to Galaxy Digital moving roughly $18.75 million in BONK to centralized exchanges, sparking fears of increased sell-side pressure.
Within the span of one hour, BONK dropped from its peak to around $0.00003430. Despite the pullback, the token held above key support in the $0.00003185–$0.00003230 range and showed signs of stabilization around the $0.00003400 level.
Trading activity spiked as speculative flows responded to the competing narratives — reduced supply from token burns versus a potential influx of liquidity into exchange order books. Analysts view the current consolidation as a pivotal moment for short-term trend direction.
BONK continues to ride the broader shift toward altcoins amid declining Bitcoin dominance. Though highly volatile, its recent price action underscores growing institutional and retail interest in meme assets.
Technical Snapshot:
- 15% intraday range between $0.00003185 and $0.00003763
- 9% drop in one hour from peak to post-transfer low
- Multiple successful retests of $0.00003185–$0.00003230 support
- Short-term recovery to $0.00003438 by early Friday UTC
- Diminishing final-hour volume suggests bearish momentum is easing
Market participants will now watch for whether BONK can hold its recent gains — or whether further large wallet movements will trigger renewed downside.
