
BONK Drops 12% as Whales Exit Ahead of Fed Decision; Volume Spikes to 2.59 Trillion
Solana-based memecoin BONK tumbled 12% over the past 24 hours, falling from $0.0000317 to $0.0000276 as large holders offloaded tokens ahead of the Federal Reserve’s upcoming policy announcement. The broader CoinDesk Memecoin Index (CDMEME) also declined more than 8%, reflecting widespread weakness across the sector.
The price action was marked by sharp volatility, with BONK trading within a wide $0.0000045 range—translating to an intraday swing of over 16%. Coordinated selling near the $0.0000322 level led to a surge in transaction volume, reaching 1.03 trillion tokens, according to CoinDesk Research’s technical analysis model.
The most intense selling occurred at 20:00 UTC on July 29, when volume spiked to 2.59 trillion tokens in a single hour, driving BONK sharply lower.
Market analysts suggest the selloff was likely fueled by traders repositioning ahead of Wednesday’s Federal Open Market Committee (FOMC) announcement, which could impact broader market sentiment.
Although BONK briefly stabilized around the $0.0000280 level—an area that showed signs of technical support—bears quickly regained momentum. The token dropped from $0.00002848 to $0.00002809 shortly after, posting a 1.37% decline.
One of the most notable events occurred between 10:47 and 10:52 UTC on July 30, when BONK plunged 3.13% within five minutes as over 60.6 billion tokens changed hands—an indication of automated liquidations or algorithmic trading under high stress.
Technical Analysis Summary:
- Intraday Range: $0.0000322 (high) to $0.0000276 (low), showing 16% volatility
- Resistance Zone: $0.0000322, marked by 1.03 trillion tokens traded
- Support Level: $0.0000280, tested repeatedly under institutional pressure
- Peak Selling Hour: 20:00 UTC on July 29, with 2.59 trillion tokens traded
- Flash Crash: 3.13% drop in 5 minutes (10:47–10:52 UTC), with 60.6 billion tokens traded
- Volume Trend: Persistent dominance of sell orders over bids
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