Bonk (BONK) was exploited for $20 million on July 6. The Memecoin project wrote that this was made possible by a “malicious governance proposal.” Soon security analysts flagged the exploited vulnerability as a security bug for the project.
The BONK exploiter still continued to move funds. On Thursday, July 16, two transactions worth approximately 400 billion BONK worth $1.39 million and $1.34 million were sent to the same Binance deposit address.
Now, the $2.73 million memecoin movement does not confirm that they have been sold. However, they claim that the hacker was looking for a stock market exit.
BONK It was already under serious downward pressure, and the exploit in early July did no good to the price movement. In the last 24 hours alone, the token lost 6.72% of its value.
Remarkably, daily trading volume also increased by almost 120%. Moreover, Open Position increased by 30% in 24 hours. Falling prices and increasing volumes indicated a significant increase in selling pressure.
Can BONK holders hold on?
BONK is down 74.18% since reaching a high of $0.0000134 in the first week of January earlier this year. Even the early January rally was part of a broader downtrend that memecoin has been continuing since early February 2025.
Owners have no choice but to hedge their losses or sell at extremely bearish levels.
The $0.00000514 local resistance zone was tested in early July but to no avail. This exploitation and subsequent downward pressure forced prices to new lows.
OBV also fell to new lows throughout the year, demonstrating the relentless selling pressure on memecoin. Meanwhile, the RSI on the 1-day chart has not yet reached the oversold zone.
This being the case, another 18% drop in BONK is likely. The next price target will be $0.00000287, which is the 23.6% southward Fibonacci extension level.
Final Summary
- The hacker behind BONK’s $20 million exploit in early July was moving tokens to Binance, presumably with the intention of selling them.
- Significant bearish pressure has increased on Memecoin and another move south cannot be ruled out.
