BONK Slides 9% After New High as Exchange Transfers Counteract Burn Optimism

BONK, a memecoin on the Solana network, experienced sharp intraday swings on Thursday, posting a 15% range between $0.00003185 and $0.00003763 before retreating sharply amid mixed on-chain signals.

The token initially spiked on news of a 500 billion BONK token burn, a bullish development aimed at reducing supply. However, gains were short-lived as a wallet linked to Galaxy Digital transferred approximately $18.75 million in BONK to multiple centralized exchanges, sparking a rapid 9% selloff within an hour.

Despite the drawdown, BONK found support above $0.00003400, with the $0.00003185–$0.00003230 zone proving resilient through multiple retests, according to CoinDesk Research’s technical indicators. The token stabilized by early Friday, bouncing back to $0.00003438 before sliding modestly in late-morning trading.

Market dynamics reflected a tug-of-war between bullish sentiment driven by the burn event and bearish overhang from potential sell-side pressure. The volatility unfolded alongside a broader rotation into altcoins, as Bitcoin dominance continued to wane.

Technical Breakdown:

• Intraday price range spanned $0.00003185–$0.00003763 (15% swing).
• Sharp 9% decline occurred between 15:00 and 16:00 UTC, bottoming near $0.00003430.
• Key support at $0.00003185–$0.00003230 held firm amid overnight retests.
• Price stabilized at $0.00003438 in the early session before dipping 2% to $0.00003433.
• Final-hour trading showed lower volume, suggesting easing bearish momentum.

BONK remains in focus for both speculative traders and institutional watchers, with price action highly responsive to on-chain wallet movements and narrative-driven catalysts.