Bonk (BONK), the second-largest meme coin on the Solana network, has extended its losing streak to five straight days, falling to $0.00001980 its lowest level since September 5. The token has now shed nearly 50% from its yearly high, with 24-hour trading volume at $382 million.
Market-Wide Selloff Hits Bonk
The decline mirrors the broader downturn across crypto markets. Bitcoin (BTC) dipped below $112,000, while the overall market capitalization of digital assets dropped 3.7% to $3.98 trillion. The selloff has weighed on meme coins in particular, with Bonk among the hardest hit.
Whale Activity Signals Confidence
Despite the bearish backdrop, there are signs of whale accumulation. Data from Nansen shows large holders scooped up 80 billion BONK tokens on Monday, boosting their total holdings to 2.61 trillion.
This accumulation coincided with a sharp drop in BONK balances on centralized exchanges, which fell from 24.7 trillion to 23.98 trillion tokens in just one day. Exchange outflows are often seen as a bullish signal, suggesting that investors are moving tokens into self-custody and are less likely to sell potentially positioning for a rebound.
Technical Outlook
The 12-hour chart paints a clear picture of Bonk’s downtrend. The token has tumbled from $0.00004075 in July to current levels near $0.00002100, slipping below both the 50-period and 100-period EMAs, confirming bearish momentum.
Yet, there are reasons for cautious optimism. Bonk has now landed on the 61.8% Fibonacci retracement level, a zone where rebounds often occur. In addition, the price appears to be forming a double-bottom pattern around $0.00001950, with a neckline at $0.00002757 (the September 13 high).
If the double-bottom setup plays out combined with ongoing whale accumulation Bonk could be gearing up for a relief rally. A successful breakout above $0.00002757 would confirm the reversal and open the door to further upside.
Bottom Line
Bonk’s sharp correction underscores the current bearish mood in crypto markets, but technical signals and whale activity suggest the selloff may be a shakeout rather than a long-term breakdown. Traders will be watching closely to see if the $0.00001950 support holds and whether a rebound toward $0.00002757 can take shape.
