BONK Sinks 12% as Meme Token Sector Faces Heavy Sell-Off
BONK experienced a steep 12% drawdown over the last 24 hours, declining from $0.0000317 to $0.0000276, while the broader CoinDesk Memecoin Index fell more than 8%.
The price action unfolded within a broad $0.0000045 range, an intraday volatility of over 16%, with coordinated selling around the $0.0000322 level, where transaction volume surged to 1.03 trillion tokens, according to CoinDesk Research's technical analysis data model.
The most severe downward movement was observed at 20:00 UTC on Tuesday, with BONK dropping precipitously on a single-hour volume spike of 2.59 trillion tokens.
The selloff could be linked to traders pre-positioning ahead of the Federal Reserve’s upcoming FOMC announcement.
While technical support began forming around $0.0000280, sellers regained control, sending the token from $0.00002848 to $0.00002809, a 1.37% drop.
Particularly notable was a five-minute interval from 10:47 to 10:52 UTC on July 30, when BONK fell 3.13% with over 60.6 billion tokens traded, underscoring the presence of aggressive automated liquidation activity, according to the model.
Technical Analysis Highlights
- Price Range: $0.0000322 (high) to $0.0000276 (low), reflecting 16% intraday volatility.
- Resistance: $0.0000322 observed with 1.03T tokens traded during coordinated sell wave.
- Support: Critical zone near $0.0000280 tested multiple times under institutional pressure.
- Peak Selling Hour: 20:00 UTC on July 29 with 2.59T tokens exchanged.
- Flash Sell-Off: 3.13% drop in five minutes (10:47–10:52 UTC) with 60.6 billion tokens traded.
- Volume Behavior: Persistent imbalance between sell-side execution and buy orders.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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