Meme Coin Sees Steep Selloff to Test Key Support

BONK fell nearly 6% in the last 24 hours, dropping from $0.00002606 to $0.00002436 in a move that carved out a $0.0000028 range, roughly 10% of its trading spectrum.

The decline accelerated after the token failed to hold gains near $0.000027 on Aug. 11, where volume spiked to 1.13 trillion tokens, well above the 24-hour average of 708 billion, according to CoinDesk Research’s technical analysis data model.

Selling pressure persisted into the morning of August 12, with BONK finding firm support around $0.000024 at 10:00 UTC on 889 billion tokens traded.

BONK did see a bounce at the start of U.S. morning, when buyers stepped in and pushed the price up 3% to $0.000025.

The rebound signaled possible short-term stabilization after the extended drawdown, forming $0.000024 as a key support to avoiding further downside.

The volatility comes the day after Nasdaq-listed Safety Shot disclosed a $25 million corporate treasury purchase linked to BONK ecosystem development through its stake in the Bonk.fun launchpad — a move viewed by some analysts as a sign of increasing mainstream exposure for the meme coin sector.

Technical Analysis

• Trading Range: $0.00002398–$0.00002674, a 10% spread over 24 hours.
• Resistance: Multiple rejections near $0.000027 on August 11 with high volume.
• Support: Strong base near $0.000024 on August 12 with 889B tokens traded.
• Volume Spike: 145B tokens during breakout from consolidation at 12:30 UTC.
• Recovery Move: 3% gain from $0.000024 to $0.000025 between 11:49–12:48 UTC.
• Breakout Trigger: Price cleared $0.000025 resistance at 12:22 UTC.
• Market Context: Bounce follows several days of heightened volatility in memecoins.

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.