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Solana-based memecoin Bonk Inu ($BONK) tanked by 11% over a volatile 24-hour trading period, erasing earlier gains triggered by a major token burn announcement. The token’s price dropped from an intraday high of $0.00003185 and $0.00003763, ending the week trading in the red.
$BONK’s value had gone up against the backdrop of its team’s announcement on X Thursday, which revealed a 500 billion token burn to reduce its supply and positively impact investor sentiment.
However, the bullish momentum was abruptly halted when a wallet linked to Galaxy Digital transferred approximately $18.75 million worth of $BONK to centralized exchanges. The large-scale movement caused a panic among holders, leading to a 9% pullback in under an hour.
Galaxy Digital has impacted the token’s price throughout this business week. The firm had initially transferred $11.4 million worth of $BONK to Binance after it accumulated a $30 million position in the token.
Between July 21 and July 22, $BONK traded within an 8% range, oscillating between $0.0000328 and $0.0000358. The token eventually settled 4% lower at $0.00003494. A brief spike to the upper end of the range caused a short rally, though the upward momentum faded when investors succumbed to profit-taking pressure, and over 100 billion $BONK tokens exchanged hands.
According to Coingecko data at press time, $BONK is trading at $$0.00003332, and its trading volume has dropped by 28.52% in the last day.
Long/short $BONK traders balanced, derivatives activity shows
According to Coinglass, $BONK’s total volume across derivative markets dropped significantly, falling by 34.17% to $583.41 million. Open interest also declined slightly by 0.65%, landing at $59.6 million, suggesting traders may be unwinding positions or waiting on the sidelines.
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Despite the downturn in volume, the 24-hour long/short ratio stood at 0.9826 in major exchanges, indicating nearly balanced sentiment between bulls and bears. On Binance, the top trader long/short ratio by accounts was slightly bearish, while OKX reported a slightly more bullish ratio of 1.07, indicating traders were leaning long on $BONK.
In the liquidation charts, short positions bore the brunt early in the day but sentiment later reversed. Within the last 24 hours, $BONK saw a total of $1.21 million in liquidations. Of that figure, $1.08 million were long positions, while $130,660 were short. Most trader wipeouts were experienced by bulls during the final downward leg of the session.
The same trend appeared across shorter timeframes, with 12-hour data showing $227,110 in liquidations, $98,960 in longs and $128,150 in shorts.
LetsBonk leads Solana launchpad revenues
In the broader Solana ecosystem data, yesterday’s launchpad revenues were led by $BONK-backed LetsBonk with $1.57 million, nearly quadrupling the amount generated by Pump.fun, which recorded $280,864. Raydium was the second-highest contributor with $399,104 in earnings.
$BONK tanks 11% as exchange transfers overwhelm markets">
Other smaller contributors such as Moonshot, Meteora, and cook.meme registered earnings below $3,000, with several reporting revenue under $1,000.
The overall revenue from Solana launchpads clocked $2.27 million on Thursday, with LetsBonk alone accounting for nearly 70% of the total market share. Pump.fun’s earnings represented just over 12%, as the $BONK memecoin launchpad continues eating into the platform’s market activity.
Just about a week ago, LetsBonk graduated 282 tokens, surpassing its previous single-day record of 234 by more than 20%. Although the number has dropped by 26% to 208 tokens as of July 24, the launchpad still leads Pump.fun’s 54 tokens by over 200%, and has taken up 51% of all graduated tokens on Solana.
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