Major BONK Whale Accelerates Sell-Off, Draining Market Confidence
On-chain analyst Yu Jian has tracked a controversial whale address rapidly offloading its BONK holdings. After depositing a massive 1.186 trillion BONK (worth ~$4.11M) into Binance just yesterday, the same entity moved another 400 billion BONK (~$1.28M) to Coinbase today.
Controversial Treasury Withdrawal and Selling Timeline
The sell-off stems from a contentious governance move 11 days ago. The address successfully proposed and withdrew a staggering 4.426 trillion BONK from the Bonk project treasury, valued at approximately $21.2 million at the time.
Since the withdrawal, a consistent selling pattern has emerged:
- Funds Sent to Exchanges: A total of 1.626 trillion BONK, worth roughly $5.58 million, has been transferred to centralized exchanges so far.
- Remaining Holdings: Approximately 2.8 trillion BONK (over $15M value) remains in the on-chain wallet, creating uncertainty about future market pressure.
Price Plummets as Sentiment Sours
The sustained selling pressure has taken a heavy toll on BONK's market value. Over the 11 days since the treasury extraction, the token's price has collapsed from $0.0000047 to around $0.000003, representing a steep 36% decline.
Market observers note that such large-scale, continuous dumping not only creates immense sell-side pressure but also severely damages community trust in the project's governance and tokenomics. Restoring investor confidence may prove challenging in the near term.