BONK Plunges 8% After Hitting August Peak—Memecoin Whiplash Strikes Again
Just when degens thought the party would never end, BONK gets rug-pulled by its own momentum.
Pump and chump: The Solana-based memecoin skyrocketed to its highest level since August—only to immediately surrender 8% of those gains. Classic crypto volatility or coordinated dump? Either way, bagholders are left licking wounds.
Behind the rollercoaster: While 'number go up' theology still dominates Telegram channels, this retracement exposes the brutal math of memecoin trading—for every diamond-handed ape, there’s a VC quietly exiting through the fire escape.
Silver lining? At least it’s not another stablecoin 'depeg' crisis. Small mercies in the circus of speculative finance.
Technical Analysis
- Price Range: $0.00002554 to $0.00002841 over 24 hours (12% volatility).
- Resistance: $0.00002854 level confirmed as sell zone.
- Support: Critical $0.00002620 level held during sell-off.
- Volume Spikes: 1.12–2.16 trillion tokens traded during liquidation.
- Recovery Channel: Higher lows at $0.00002565, $0.00002572, $0.00002570.
- Breakout Trigger: $0.00002632 level cleared on 49.5B token surge.
- Trend Signal: 8% drop followed by 2% rebound suggests potential base building.
Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
