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: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.