Bonk shares of the meme-coin market were hit again on Friday, trading below $0.0000034 after falling more than 19% over the week. The selloff intensified as blockchain data pointed to a fresh movement of stolen BONK toward an exchange, reviving fears that additional tokens could be sold into the market.
According to Lookonchain, the wallet linked to the recent exploit deposited about $4.1 million worth of BONK into Binance, adding to an already heavy overhang from the attacker’s remaining holdings. With market participants concerned that further exchange transfers could trigger additional liquidation, downside pressure has dominated trading and technical signals have remained bearish.
Key takeaways
- Price move: BONK traded below $0.0000034 after dropping more than 19% for the week and losing over 26% since the July 6 exploit.
- Catalyst: Blockchain tracking from Lookonchain said the attacker moved roughly $4.1 million in BONK to Binance.
- Market implication: The exchange deposit raised the risk of renewed selling, especially if more of the stolen tokens are routed to trading venues.
- Technical outlook: Chart indicators remained skewed toward sellers, with price action still below the 50-day EMA region referenced near $0.0000045.
What drove the move
The immediate driver behind BONK’s continued weakness was a new token transfer tied to the earlier hack. Lookonchain reported that the attacker behind the exploit—where it said roughly $21.2 million worth of assets were stolen last week—sent about $4.1 million in BONK to Binance on Friday.
In practical terms, deposits to major exchanges are often interpreted by traders as a step toward conversion to cash or other assets. Lookonchain’s data suggested the most recent transfer could be positioned for sale, which typically increases near-term supply expectations. That dynamic matters most for high-volatility tokens like BONK, where liquidity can thin quickly during selloffs.
Just as importantly, the report indicated the hacker still controls approximately $10.9 million worth of BONK. Until those balances are accounted for—either through laundering, distribution, or further transfers—investors may remain cautious about buying, particularly if they expect more tokens to reach centralized exchanges.
Market reaction and what traders are watching
As the token fell, sentiment appeared fragile rather than stabilizing. The recent exploit, coupled with exchange-related movements, has kept liquidation risk in focus. The renewed deposit to Binance reinforced a common market fear: that additional exchange inflows from the attacker could prompt another wave of selling.
Traders are likely to watch for follow-through in on-chain flows—particularly whether additional transfers are made to exchanges. Market participants typically treat repeated deposits as a signal that the sell pressure could be persistent, which can suppress attempts to form sustainable bids.
At the same time, the scale of the attacker’s remaining holdings raises uncertainty about the pace and timing of any further market impact. If more tokens are moved, volatility could increase again; if token flows slow, buyers may gain room to re-enter, especially after steep declines.
Technical picture stays bearish
Technical analysis also pointed to further downside risk. After the July 6 exploit, BONK reportedly trended down and failed to regain key resistance around the 50-day EMA area near $0.0000045. The selloff pushed the token deeper into a bearish structure, according to the article’s review of the BONK/USD 4-hour chart.
At press time, BONK was trading at about $0.00000326 per coin. The report noted that if selling pressure continues, the next focus could be the $0.0000030 psychological support level. The Relative Strength Index, cited at around 30, was near oversold territory, which can imply bearish momentum is stretched—but it does not guarantee a reversal.
Additional indicators referenced in the article remained negative. The MACD was described as staying in bearish territory, with a negative crossover and a widening red histogram, reinforcing the prevailing downtrend. On the upside, the first major resistance was again linked to the 50-day EMA region near $0.0000045; a sustained move above that level would be a key technical improvement and could suggest the correction is losing momentum.
Bigger picture for crypto risk appetite
The broader cryptocurrency market was also described as bearish in the near term, adding another layer of pressure on BONK. In risk-off conditions, highly speculative tokens often underperform as investors rotate toward perceived stability and reduce exposure to assets that are sensitive to sentiment and liquidity.
For BONK specifically, the near-term narrative remains anchored in on-chain developments tied to the hack. Even if technical indicators suggest potential oversold conditions, the market can continue to sell if exchange-related inflows from the attacker persist.
Going forward, investors will likely focus on whether further BONK deposits appear on-chain and how quickly the market absorbs any additional supply. With crypto trading heavily influenced by liquidity and macro risk sentiment, any broader shift in market tone could also affect whether BONK stabilizes or extends its decline—alongside forthcoming exchange, regulatory, and macro data that can move overall risk appetite.
