BONK Experiences 15% Volatility Amid Exchange Transfers and Token Burn News
BONK experienced significant volatility, swinging 15% between $0.00003185 and $0.00003763 over a 24-hour period. The price initially surged after a 500 billion token burn announcement but faced a 9% pullback when Galaxy Digital transferred $18.75 million worth of BONK to major exchanges.
Key points include:
- The price stabilized above $0.00003400, with support in the $0.00003185-$0.00003230 range.
- Trading activity increased amid mixed signals from bullish supply reduction and potential sell-side liquidity injections.
- The broader market shift towards altcoins is enhancing meme token trading volumes as Bitcoin's dominance wanes.
Technical Analysis Highlights
- BONK swung between $0.00003185 and $0.00003763.
- Price dropped 9% from peak at 15:00 UTC to $0.00003430 by 16:00 UTC.
- Support held at $0.00003185-$0.00003230 with multiple retests.
- From 03:00 UTC, price rallied to $0.00003438, indicating short-term stabilization.
- BONK fell 2% to $0.00003433 between 11:10 and 12:09 UTC.
- Reduced volume in final minutes suggests declining bearish momentum.