The BONK price has been experiencing immense selling pressure in the past few days after the wallet legally drained more than 4.42 trillion BONK. The price has reacted negatively following the rounds of the attacker selling another 800 billion BONK, worth 2.48 million. Since the governance exploit on July 6, the meme coin has fallen roughly 40%, while the wallet still holds 2.4 trillion BONK (about $6.94 million), raising concerns about additional selling pressure. Meanwhile, derivatives data show traders continue to position defensively as bearish sentiment persists.
BONK Treasury Drainer Sells Another 800B Tokens After Governance Exploit
The wallet that legally drained 4.426 trillion BONK from the project’s treasury has resumed selling, adding fresh pressure to the meme coin’s price. The latest transaction saw the wallet offload 800 billion BONK, worth approximately $2.48 million, reducing its holdings but leaving a substantial balance that could continue to weigh on market sentiment.
The treasury transfer stems from the July 6 governance exploit, in which a malicious proposal enabled the attacker to gain control of 4.426 trillion BONK tokens valued at roughly $21.2 million. Since the incident, the wallet has gradually distributed a portion of the tokens while still holding around 2.4 trillion BONK, currently valued at $6.94 million.
The continued token sales have coincided with sustained weakness in BONK’s price. The meme coin has declined roughly 40% since the governance incident, as traders remain cautious about the possibility of additional supply entering the market. With billions of BONK tokens still under the drainer’s control, market participants are closely monitoring on-chain activity for signs of further selling pressure.
BONK Price Drops 40% as Selling Pressure Intensifies
BONK has remained under sustained selling pressure since the July 6 governance exploit, with the meme coin losing nearly 40% of its value as the treasury drainer continues to offload tokens into the market. The latest sell-off pushed BONK down another 9.75% over the past 24 hours to around $0.00000277, extending its broader downtrend.
BONK’s derivatives data suggest the recent sell-off may not be over just yet. While the token has dropped to around $0.00000277, open interest has climbed to 3.17 million, indicating traders are continuing to build positions instead of stepping away from the market. With the funding rate falling to -0.057, sentiment remains firmly tilted in favor of the bears.
Spot CVD remains deeply negative, showing that buyers have yet to absorb the selling pressure, even after BONK’s sharp decline. Meanwhile, Futures CVD continues to trend lower, suggesting leveraged traders are still driving the downside rather than closing their positions. Taken together, the data point to a market where sellers remain in control. Unless spot demand begins to recover and derivatives positioning starts to stabilize, BONK could struggle to break out of its current downtrend, especially with the treasury drainer still holding 2.4 trillion BONK, leaving the risk of additional selling firmly on the table.
Can BONK Price Reverse Its Downtrend?
BONK remains firmly in a bearish structure after losing nearly 40% since the July 6 governance exploit, with the treasury drainer’s ongoing token sales continuing to weigh on sentiment. As long as price trades below its recent breakdown zone, sellers are likely to remain in control.
The immediate focus is on $0.00000270, which is emerging as the first support level. A decisive break below this area could accelerate selling toward the next demand zone around $0.00000250, especially if the drainer continues to offload tokens and derivatives positioning remains bearish.
On the upside, BONK first needs to reclaim $0.00000320 to ease the immediate selling pressure. A sustained move above $0.00000350, backed by improving spot demand and rising volume, would be the first indication that buyers are beginning to regain control. Until then, any short-term bounce could be viewed as a relief rally rather than the start of a broader trend reversal.
With 2.4 trillion BONK still sitting in the treasury drainer’s wallet, traders will likely monitor both on-chain transfers and derivatives positioning closely, as additional token sales could keep upside attempts capped in the near term.