BONK drops 19% to $0.00000326 as hacker dumps $4.1M on Binance

BONK fell 19% to $0.00000326 after on-chain data showed the attacker behind a $21.2 million treasury exploit deposited $4.1 million in tokens to Binance.

"The attacker who legally stole 4.426 trillion BONK from the treasury has deposited 1.19 trillion BONK into Binance to sell over the past six hours," Lookonchain, a blockchain analytics platform, said in a post on X.

The July 6 exploit drained approximately $21.2 million from the BONK treasury. Since then, the token has lost more than 26% of its value. The hacker still controls about 3.2 trillion BONK, worth roughly $10.85 million, raising the risk of additional exchange deposits and further selling pressure.

BONK's next key support sits at $0.0000030, a level that could break if the attacker continues moving tokens to Binance. A move below that threshold would open the door to deeper losses, with no clear floor until the remaining stash is accounted for.

The token was rejected at its 50-day exponential moving average near $0.0000045 on July 6, the same day the exploit was disclosed, and has trended lower ever since. The Relative Strength Index has fallen to around 30, placing BONK in oversold territory, though the MACD indicator remains bearish with a negative crossover and expanding red histogram bars.

The broader cryptocurrency market is also under pressure, compounding BONK's weakness. If buying interest returns, the first major resistance is the 50-day EMA at $0.0000045. A sustained move above that level would signal that the recent correction is losing momentum.

For now, the overhang from the hacker's remaining $10.85 million in BONK continues to dominate the token's price action, leaving the market vulnerable to further downside until the position is fully resolved.

This article is for informational purposes only and does not constitute investment advice.