Crypto news

Whales Behaving Badly: Bonk’s Surprising Price Plunge Ahead!

BBG News

Ah, Bonk—the juggernaut of Solana’s meme universe—basking in its own momentary glow, reached dizzying heights this week, reminiscent of the delightful December past.

The elusive Bonk (BONK) pirouetted gracefully to a commendable $0.000040, a staggering leap of over 343% from its rather pathetic floor this year. Amidst a riotous cacophony of trading activity, the 24-hour spectacle saw a breathtaking $3.4 billion change hands! Not bad for a token that sounds like a malapropism for, well, *something* else! 😂

But wait—like an overzealous magician’s assistant—the simultaneous rise of other farcical Solana tokens made the show even more absurd. Fartcoin, yes that’s right, Fartcoin, belched a robust 23% gain in just 24 hours, while Popcat, Cat in a Dog’s World, and the ever-charming Baby Doge Coin leaped too, each by over 10%. Who knew meme coins could be the life of the party? 🎉

Together they formed a triumphant troupe, buoying the combined market capitalization of these digital jesters to a whopping $15 billion, up from a more humble $6 billion mere months prior. Fantastic, isn’t it? The cryptocurrency scene echoing the pre-emptive excitement surrounding the soon-to-vote GENIUS Act, clearly a vote for hilarity!

However, murky clouds of caution loom overhead. First, the ominous figures from Nansen—a veritable oracle in the realm of data—indicate that BONK supplies on exchanges have been gallantly snowballing in recent months. 

A staggering 23.13 trillion Bonk tokens now dance on exchanges, a cavalcade increased from the pitiful 21.1 trillion last month. Could this smattering of increased supply be a sly hint that investors are preparing to cash out and buy themselves something nice? 🤑

Next up, we have the whales—those behemoth investors who have been nonchalantly dumping their prized tokens this month. Currently, they clutch a mere 2.21 trillion tokens, down more than 25% from last month’s revelries—and a far cry from last week’s nearly lauded 2.47 trillion. Ah, the fickle nature of wealth! 📉

Whale selling comes with an air of existential dread; the market’s equivalent of a sad trombone played by those who likely know more than the average retail trader. Beware, as they often drop their precious gems before a faux pas of a major reversal. 🐋

Bonk’s Price: A Technical Odyssey

Our dazzling daily chart reveals Bonk in the throes of a delightful bull run this year, vaulting to a high of $0.000040 on this most splendid day of July 17, as the crypto bull run crawled under the magnifying glass of exuberance.

It has flirted with the esteemed 61.8% Fibonacci retracement level—a popular rendezvous point for reversals. How charming! But hold onto your hats, for overbought signals abound, as the Relative Strength Index has skyrocketed to an eye-watering level of 82 while the Stochastic Oscillator simultaneously flutters near the critical 100 mark like a love-struck teenager.

And just when you thought it couldn’t get juicier, the specter of mean reversion raises its head. Bonk has strayed too far above its 50-day and 100-day moving averages—oh the audacity!

Thereby, dear reader, cast a wary eye towards the horizon, where a pullback may be lurking, with the next target level settled at $0.000025—our illustrious highest swing from May 12. As always, keep your helmets on; this rollercoaster ride is just beginning! 🎢

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2025-07-17 16:36

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