BONK Takes an 11% Hit as Selling Frenzy Crushes Market Optimism

Memecoin Mania Meets Reality

BONK—the Solana-based dogcoin that had traders barking—just got mauled by an 11% sell-off. No fluffy narratives could save it this time.

Whales Dump, Retail Trembles

On-chain data shows massive wallets unloading stacks, flooding exchanges faster than a degenerate chasing a 100x leverage play. Liquidity pools? More like liquidation pools.

‘Buy the Dip’ Crowd Gone Silent

Even the usual crypto-twitter cheerleaders paused their moon emojis. Turns out ‘number go up’ only works when someone’s still buying.

Bonus Finance Jab: Meanwhile, Wall Street ‘experts’ who just discovered BONK last week are now writing thinkpieces about ‘the dangers of speculative assets’—right after their VC buddies finished dumping bags.

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.

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.

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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