Bonk Token faces Sharp Decline, But Whales See Opportunity
Bonk (BONK), a popular Solana meme coin, has seen its price plummet for five straight days. It reached its lowest point in two weeks, dipping to $0.00001980. this drop marks a 50% decrease from its yearly high. The 24-hour trading volume stood at $382 million.
This decline aligns with the broader crypto market’s downturn. Bitcoin fell below $112,000, and the total market cap of all cryptocurrencies dropped by 3.7% to $3.98 trillion.
However, there’s a silver lining. Whales, or large investors, have been buying up Bonk tokens. According to Nansen data, they purchased 80 billion BONK tokens, increasing their total holdings to 2.61 trillion.
Exchange balances have also decreased, which is a good sign. There are now 23.98 trillion tokens on centralized exchanges, down from 24.7 trillion the previous day. This suggests that investors are moving their tokens to personal wallets, expecting a price rebound.
Technical analysis shows that Bonk has fallen below key moving averages, indicating bearish control. Yet, it has formed a double-bottom pattern at $0.00001950, a common setup for price reversals. If this pattern holds, the next key level to watch is $0.00002757.
So, while Bonk’s price has taken a hit, whale activity and technical signs hint at a potential recovery in the near future.
