BONK continued to be weak in recent days owing to the re-selling of a large holding warehouse at the address of the project vault coin obtained during the governance incident of 6 July. The chain data show that 80 billion BONKs have been sold recently at the address, amounting to approximately $2.48 million of their medium calibre, and that the market ' s fear of subsequent depression continues to rise.

The address still holds a large number of BONK

The sale was directly related to the governance incident in early July. At that time, a malicious proposal allowed the attackers to control approximately 4.42.6 trillion BONK, valued at approximately $21.2 million at current prices. Since then, the tokens have been transferred out in batches and sold on a continuous basis.

To date, the address still holds approximately 2.4 trillion BONK, with an estimated value of approximately $6.94 million. This means that markets have to deal with potential new supplies even after multiple rounds of sale.

  • Last sold: 800 billion BONK
  • The value was approximately $2.48 million.
  • Remaining hold: 2.4 trillion BONK

The cumulative decline since 6 July has been close to 40 per cent

As a result of continued sales, BONK has accumulated a decline of nearly 40 per cent since 6 July. In the last 24 hours, the token has dropped by about 9.75 per cent, and the price has fallen to about US$ 0.0000277 — a continuation of the previous downward trend.

The core causes of market constraints are not complex. On the one hand, there are still large holding warehouses in the chain that are not clear; on the other hand, there has not yet been a significant upturn in the purchase, making it easier to lower prices per round.

Derivative data empty

Derivative data also indicate that market sentiment remains cautious. It is mentioned that BONK's unsettled contract rose to approximately $3.17 million, indicating that the traders did not leave the scene significantly, but were continuing to build a warehouse.

At the same time, the funding rate has been reduced to -0.057, reflecting the continued predominance of empty emotions. The fact that the spot CVD is still in a clear negative range indicates that the buyer has not effectively absorbed the pressure; and that the future CVD continues to go down, suggests that the leverage traders are still pushing down prices.

Overall, the short-term movement of BONK is still influenced by the chain of sale. As long as the relevant address continues to be reduced and spot demand does not improve significantly, it will be difficult for the market to quickly repair its judgement of the upper space.