BONK’s price has plunged 40% following a massive drain from its treasury and subsequent token sales that stoked fears among investors. On July 6, an individual legally extracted 4.426 trillion BONK tokens worth about $21.2 million from the project’s treasury. Since then, this trader has offloaded an additional 800 billion BONK tokens, approximately $2.48 million in value, intensifying downward pressure on the market.
Ongoing Sell-Off Adds Pressure
Lookonchain reports that the continuous liquidation by the treasury drainer has unsettled BONK holders, contributing to the token’s volatility and steep drop. The sales have sparked concerns that further liquidation could push prices even lower.
This turmoil follows a broader trend of token projects facing challenges after security lapses. Similar market jitters were seen with other cryptocurrencies reporting treasury breaches or significant token dumps, underscoring the fragility of investor confidence in certain decentralized projects.
Material is for informational purposes only and not financial advice.
