BONK Drops 6% Amid Selling Pressure Despite Bonk.fun's Growth

BONK experienced a 5.6% decline over the past 24 hours, dropping to $0.00002161 as selling pressure overwhelmed earlier gains and breached critical support levels. Despite this short-term setback, the token's ecosystem continues to show signs of robust growth, supporting a bullish outlook. Efforts to rebound to $0.000022 between 20:00 UTC and 21:00 UTC were unsuccessful, even with a turnover of 716.32 billion tokens, indicating increasing bearish dominance. However, the underlying strength of BONK is becoming more evident. The Bonk.fun platform, closely associated with BONK, has emerged as a leader, hosting 55% of all Solana token launches. With over 200,000 projects launched on the platform and a 24-hour trading volume reaching $539 million on Tuesday, Bonk.fun's success is undeniable. A significant portion of platform fees is being allocated to BONK buybacks and burns, effectively reducing supply and enhancing value. This positive development is reflected in the community sentiment on X (formerly Twitter), where users are increasingly viewing Bonk.fun's rise as a strategic shift in market share favoring BONK. While short-term selling pressure may persist, BONK's expanding utility and aggressive tokenomics suggest resilience and potential for growth beyond current market fluctuations. Technical analysis reveals that BONK fell 6% from $0.000023 to $0.00002161 within 23 hours. A rejection at $0.000023 was observed with a volume surge of 752.4 billion at 18:00 UTC. Repeated failures to bounce back at $0.000022, despite high turnover, confirmed weakening support. The price has been testing the $0.000021–$0.000022 range, now serving as a new base. A brief rally from 08:55 to 09:54 UTC saw the price reach $0.000022, accompanied by a 43.08 billion volume spike at 09:44. Resistance between $0.000022 and $0.0000222 remains firm, keeping BONK within a narrow range. Disclaimer: Portions of this article were generated using AI tools and meticulously reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, please refer to CoinDesk's comprehensive AI Policy.