BONK Plunges 9% to New Lows Despite Swiss ETP Launch

BONK, the Solana-based memecoin, dropped 9.32% to $0.000008805 over the past 24 hours, hitting fresh cycle lows despite the launch of its first exchange-traded product (ETP) on Switzerland’s SIX exchange last week.

The sell-off began near $0.00000966 and accelerated past the key $0.00000936 support around 00:00 UTC, with trading volume spiking to roughly 1.79 trillion tokens—144% above recent averages, according to CoinDesk Research’s technical analysis model. The decline extended to $0.00000876, continuing a pattern of lower highs and reflecting about 15% intraday volatility.

Later, BONK stabilized as volume eased, trading in a narrow range between $0.00000878 and $0.00000885. A small recovery briefly pushed the token to $0.00000881 around 14:00 UTC, but no decisive reversal occurred. The former $0.00000936 support now acts as significant overhead resistance, with interim resistance near $0.00000890.

The session underscores a disconnect between structural milestones, such as the ETP listing by Bitcoin Capital AG on Nov. 27, and short-term market behavior, which remains dominated by technical trends and broader sector weakness.