Bonk [BONK] suffered an exploit of $20 million on 6th July. The memecoin project wrote that it was enabled by a “malicious governance proposal.” Soon after, security analysts flagged the exploited weakness as the project’s security failure.
The BONK exploiter has continued to move funds though. Two transactions of around 400 billion BONK, worth $1.39 million and $1.34 million, were sent to the same Binance deposit address on Thursday, 16th July.
Now, the $2.73 million memecoin move does not confirm they were sold. However, they do suggest that the hacker was looking for an exchange exit.
BONK was already under severe bearish pressure, and the exploit earlier in July did its price action no favors. In the last 24 hours alone, the token has shed 6.72% of its value.
Remarkably, its daily trading volume was up by almost 120% too. Moreover, the Open Interest spiked by 30% in 24 hours. Sliding prices and rising volumes hinted at a notable uptick in selling pressure.
Can BONK holders hold on?
Since rallying to a swing high of $0.0000134 in the first week of January earlier this year, BONK has shed 74.18%. Even the early January rally was part of a broader downtrend the memecoin has been on since early February 2025.
Holders have no choice but to hold their losses or sell at extreme drawdown levels.
The $0.00000514 local resistance zone was tested earlier in July, but to no avail. The exploit and the subsequent bearish pressure forced prices to new lows.
The OBV also slid to new lows for the year to showcase the relentless selling pressure on the memecoin. Meanwhile, the RSI on the 1-day chart did not yet reach oversold territory.
As things stand, another 18% BONK drop is likely. The next price target will be $0.00000287, which is the 23.6% southward Fibonacci extension level.
Final Summary
- Hacker behind BONK’s $20 million exploit earlier in July has been moving tokens to Binance, likely with the intent to sell.
- Severe bearish pressure on the memecoin was amplified and another southbound move cannot be ruled out.
