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BONK After BONK Money Bank was illegally withdrawn, the price has dropped by 40%
On July 18, BONK Money Bank's illegal withdrawal wallet sold another 800 billion tokens, worth approximately US$2.48 million. Since the July 6 cash bank incident, BONK prices have fallen 40%, while the wallet still holds 2.4 trillion tokens. Continued token selling and capital outflows have continued to put pressure on BONK prices.
BONK continued its decline after the wallet that illegally extracted 4.426 trillion BONK from the fund bank sold another 800 billion tokens. According to Lookonchain, the most recent sell-off occurred on July 18, and the token has fallen 40% since the July 6 cash pool incident. The wallet still holds 2.4 trillion BONK pieces, worth approximately US$6.94 million, and the market continues to pay attention to its subsequent developments.
The money bank wallet continues to transfer BONK
Lookonchain data shows that the wallet sold 800 billion BONK units again on July 18, worth approximately US$2.48 million. After the transaction, the wallet balance dropped to 2.4 trillion BONK, worth approximately US$6.94 million. Previously, Lookonchain reported that 1.19 trillion BONK pieces worth approximately US$4.11 million were deposited in Binance in the same wallet. At the time, the wallet still controlled 3.2 trillion BONK pieces worth approximately US$10.85 million.
The fund bank incident began on July 6, when a malicious governance proposal resulted in the transfer of 4.426 trillion BONK bonds. The BONK project later confirmed the attack, which security analysts attributed to a security breach within the project. At the same time, the wallet's on-chain activities have been closely watched. On July 16, two tokens totaling approximately 800 billion BONK (worth US$2.73 million) were transferred to the same Binan recharge address, but these two transactions alone cannot confirm that the tokens had been sold.
Spot flow shows selling pressure
Spot flow data shows that selling pressure is huge between July 6 and 9. Continuous net outflow readings are close to minus US$400,000, and several other net outflows range from minus 100,000 to minus US$300,000. Although capital inflows briefly rebounded to nearly positive $250,000 on July 8, they failed to offset continued selling pressure. As a result, BONK prices continued to fall during this period.
From July 10 to 15, capital inflows and outflows alternate, and the trend is more balanced. Positive readings frequently range between $100,000 and $200,000, while recurring outflows limit price fluctuations.
Buying activity increases, prices remain weak
The largest net inflow occurred on July 16, close to $380,000, followed by another inflow of approximately $230,000 shortly thereafter. However, despite increased buying activity, BONK prices are still falling. The large capital outflows that occurred on July 17 (one of which was close to minus US$320,000) continued to exert downward pressure. As July 18 approaches, net inflows become more frequent, with multiple inflows ranging from $50,000 to $200,000. During the same period, BONK prices stabilized at near the lowest level during the observation period, while the latest data from Lookonchain confirmed that illegal withdrawal wallets from the fund bank continued to sell off.
