BONK, the Solana-based meme token, steadied after sharp swings as investors digested a large scheduled token unlock and a headline corporate treasury purchase. Over 24 hours the token traded between $0.00001991 and $0.00002123, a roughly 45% intraday spread that highlighted elevated volatility.
Late on Tuesday selling intensified, driving a drop from $0.00002102 to a low of $0.00001991 around 21:00 UTC as volume spiked above 1.15 trillion tokens. The move coincided with a scheduled $11.41 million token unlock — a common source of short-term selling pressure when newly unlocked supply enters markets.
Support held near $0.00001990, and BONK recovered to about $0.00002056 by European morning, tightening short-term volatility to a roughly 0.24% spread around $0.00002053–$0.00002058. Technical resistance sits near $0.00002120, where sellers capped further upside. Meanwhile, volume bursts above 27.3 billion tokens at 09:50 UTC suggest pockets of continued accumulation.
Adding to the narrative, NASDAQ-listed company Safety Shot disclosed a $30 million financing in which about $25 million was funded using BONK tokens — a notable instance of corporate treasury exposure to a meme asset. That institutional-sized demand can lend support to price discovery, but treasury allocations also introduce concentration and accounting risks that can influence selling behavior.
What to watch next: market participants should monitor trading volume and whether the newly unlocked supply is absorbed or sold into rallies. If accumulation continues, the path to reclaiming resistance near $0.00002120 becomes clearer; if selling resumes, the $0.00001990 support will be the critical level to defend.
On-chain indicators such as exchange inflows, large-wallet transfers and social sentiment will help clarify whether unlocks translate into lasting supply or transient sell pressure.
Risk note: BONK remains a highly speculative, volatile token. Token unlocks, concentrated institutional holdings and low per-unit prices can amplify price swings. Consider position sizing and liquidity before trading.
Source: CoinDesk. Read the original coverage for full details.