BONK Dips 9% After Peak Amid Heavy Exchange Transfers, Muting Burn Impact

BONK Retreats 9% After Hitting New Highs as Exchange Transfers Dampen Burn-Driven Rally

BONK, a popular memecoin on the Solana network, posted a volatile 24-hour performance, reversing gains after hitting a new local high. The token swung over 15% between $0.00003185 and $0.00003763 before settling near $0.00003400.

Initial momentum came after the team announced a burn of 500 billion tokens, sparking optimism among traders and fueling a price surge. However, the rally was cut short after on-chain data revealed a wallet associated with Galaxy Digital moved $18.75 million worth of BONK to centralized exchanges — a development seen as a possible prelude to selling pressure. The result was a rapid 9% decline within the hour.

Despite the setback, BONK held key support in the $0.00003185–$0.00003230 range, suggesting buyers are still active at lower levels. Technical indicators flagged consolidation near $0.00003400, and volumes tapered toward session close, hinting at weakening bearish momentum.

The retracement comes as altcoin trading volumes rise amid declining Bitcoin dominance. BONK, despite its memecoin roots, continues to attract both retail and institutional attention, driven by a mix of aggressive tokenomics and high on-chain activity.

Key Technical Insights:

15% trading range between $0.00003185–$0.00003763 in the last 24 hours
9% drop from the local peak to $0.00003430 between 15:00–16:00 UTC
Multiple retests of $0.00003185 support held firm
Price rebounded to $0.00003438 before easing 2% by midday UTC
Decreasing volume toward session close signals slowing downside pressure

BONK’s future trajectory will likely hinge on how the market digests incoming supply from large holders and whether upcoming burns can reignite bullish momentum.