BONK Retreats 9% From Weekly Highs Despite Burn News, Triggered by Exchange Flows

BONK Retreats 9% From Highs as Exchange Transfers Dampen Burn-Driven Momentum

BONK, the Solana-based memecoin, gave up early gains late Thursday after a strong rally sparked by a 500 billion token burn was quickly overshadowed by large wallet transfers to major exchanges.

The token surged as high as $0.00003763 in the early session following the high-profile burn announcement, which had fueled optimism about reduced supply. However, a wallet reportedly linked to Galaxy Digital transferred over $18.7 million worth of BONK to centralized exchanges shortly afterward — a move that triggered a swift 9% pullback, taking the price down to $0.00003430 within the hour.

Despite the abrupt reversal, BONK managed to stabilize above $0.000034, with technical indicators showing solid support in the $0.00003185 to $0.00003230 zone. According to CoinDesk Research, trading volumes spiked during the selloff but gradually eased into the final hours of the session.

Market sentiment remained divided, with traders weighing the long-term deflationary signal of the token burn against near-term liquidity risks posed by large transfers. The broader market’s shift toward altcoins — as Bitcoin’s dominance continues to soften — has helped sustain BONK’s elevated trading activity.

Key Technical Levels and Observations:

• BONK fluctuated between $0.00003185 and $0.00003763 — a 15% daily range
• Price dropped 9% in under 60 minutes following exchange-bound transfers
• $0.00003185–$0.00003230 range confirmed as short-term support
• Price bounced to $0.00003438 after overnight lows, signaling stability
• Final-hour volumes tapered off, suggesting waning bearish momentum

While BONK’s volatility remains high, its ability to hold above key support levels may set the stage for another attempt to retest recent highs — provided no further large-scale outflows emerge.