BONK Drops 14% as Institutional Selling Accelerates in Risk-Off Environment

Meme token drops sharply as major traders reduce holdings. BONK, a Solana-based meme token, slid 14% in the last 24 hours, falling from $0.000035 to $0.00003096. The token experienced elevated volatility, with trading volume exceeding 2.39 trillion BONK, suggesting aggressive repositioning among institutional participants. Market resistance was established early around the $0.000036 level, where sell-side pressure surged, coinciding with order book data showing institutional liquidations totaling more than 2.6 trillion tokens, according to CoinDesk Research's technical analysis data model. Temporary stabilization occurred overnight, with support forming near $0.000031 as sell-side volume cooled to 1.48 trillion tokens, but upward momentum remained limited. The steepest losses came between 13:06 and 14:05 UTC on July 29 as BONK dropped 3%. Quantitative models from high-frequency trading firms suggest further downside could be likely, with momentum signaling a break below the key $0.000031 support threshold. Unless institutional demand emerges, BONK may drift toward the psychologically significant $0.000030 level in the near term. Disclaimer: 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. Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE. CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets. All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article. CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy. https://www.coindesk.com/markets/2025/07/29/bonk-drops-14-as-institutional-selling-accelerates-in-risk-off-environment #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple