BONK Falls 12% Amid Significant Decline in Memecoin Market
BONK declined 12% in the last 24 hours, dropping from $0.0000317 to $0.0000276, while the CoinDesk Memecoin Index fell over 8%. The price fluctuated within a range of $0.0000045, with an intraday volatility exceeding 16%. A significant selloff occurred around $0.0000322, with transaction volume reaching 1.03 trillion tokens.
The most drastic decline happened at 20:00 UTC on July 29, coinciding with a spike in trading volume of 2.59 trillion tokens. This selloff may be linked to traders adjusting positions before the Federal Reserve’s upcoming FOMC announcement. Technical support formed near $0.0000280 but failed to hold, leading to a drop from $0.00002848 to $0.00002809 (1.37%).
Key technical analysis points include:
- Price Range: $0.0000322 (high) to $0.0000276 (low), reflecting 16% intraday volatility
- Resistance: $0.0000322, with 1.03T tokens traded during sell wave
- Support: Critical zone near $0.0000280 tested multiple times
- 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