Bonk (BONK) Down 30% Despite Massive Token Burns; Here's What Traders Are Saying

Despite massive token burns, Bonk BONK/USD is down 30% over the past week. Trader Notes: Crypto trader Nebraskangooner notes that Bonk's chart

(March 10, 2025) — Meme coin Bonk BONK/USD has seen massive sell-offs over the past week, leading to a 30% price decline.

However, several crypto traders and analysts remain optimistic about the token’s long-term potential despite the recent downturn.

Key Takeaways

Bonk's massive token burns spark community celebration.

Coinglass data reveals a significant drop in open interest.

Prominent crypto traders share their bullish and bearish perspectives on Bonk.

Despite the recent sell-off, Bonk remains among the top gainers in the crypto market year-to-date.

After rallying over 2,400% since the beginning of 2025, Bonk has seen a 30% price correction over the past week.

The token began 2023 trading at $0.00000033 and reached a high of $0.000006 on March 7. At the time of writing, BONK trades at around $0.0000041.

As Bonk continues to attract attention within the crypto community, several traders and analysts have shared their technical outlooks and price predictions for the meme coin.

CryptoSlate unpacks their latest analysis and highlights some key community updates.

Technical Analysis Summary

The following is a summary of technical analysis performed by Nebraskangooner, Ali Martinez, and Unipcs on March 8:

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Bonk's Squiggly Line (by Nebraskagooner)

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our key fib levels on the 1hr, which is bullish.

Squiggly line on 15m lower highs, which is bearish. But still holding key fibs on the 1hr, which is bullish. How do you resolve this? Bearish lower timeframe, bullish higher timeframe? Bearish 15m to 1hr pivots, which is bearish.

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our key fib levels on the 1hr, which is bullish.

Squiggly line on 15m lower highs, which is bearish. But still holding key fibs on the 1hr, which is bullish. How do you resolve this? Bearish lower timeframe, bullish higher timeframe? Bearish 15m to 1hr pivots, which is bearish.

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our fib levels on the 1hr, which is bullish.

Bonk 15m to 1hr fib pivots bearish, which is making lower highs on the 15m to 1hr fib pivots, which is bearish. But still holding our 1hr fib levels, which is bullish. How do you resolve this? Bearish lower timeframe to higher timeframe pivots, which is bearish.

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our key fib levels on the 1hr, which is bullish.

Squiggly line on 15m lower highs, which is bearish. But still holding key fibs on the 1hr, which is bullish. How do you resolve this? Bearish lower timeframe, bullish higher timeframe? Bearish 15m to 1hr pivots, which is bearish.

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our fib levels on the 1hr, which is bullish.

Bonk 15m to 1hr fib pivots bearish, which is making lower highs on the 15m to 1hr fib pivots, which is bearish. But still holding our 1hr fib levels, which is bullish. How do you resolve this? Bearish lower timeframe to higher timeframe pivots, which is bearish.

Chart forming a squiggly line. Still making lower highs on the 15m. Looking for that to change for a possible wave 3 up. Still holding our key fib levels on the 1hr, which is bullish.