Key Insights:
- 500 billion BONK tokens have been burned based on fees generated at BonkFun.
- BONK is showing strength at a key resistance level, suggesting a potential breakout.
- Approximately $10.40 million worth of BONK has left exchanges, hinting at possible accumulation.
According to the latest BONK news, the community has burned 500 billion meme coins, turning the sentiment bullish. Data further reveals that this notable burn represents 0.65% of the total circulating supply.
It was carried out using the fees generated through the meme coin launchpad, BonkFun.
BONK News Impact on the Price
The impact of this burn was already reflected in the BONK price on July 24, 2025. CoinMarketCap data reveals that the meme coin surged 6% following the update. However, due to the ongoing market correction, all gains have since faded.
BONK price hovered near $0.00003287 at press time, having lost 4.10% over the past 24 hours. Despite the decline in price, trader and investor participation increased. That’s why BONK news featured increased trading volume by 18% during the same period.
Bonk (BONK) Price Action and Technical Levels
Despite the price decline over the past 24 hours, BONK has remained near a key resistance level of $0.00003715. Unlike other tokens, the meme coin consolidates between $0.0000309 and $0.0000376. This Bonk news suggests a potential setup for a major breakout.
Technical analysis reveals that BONK appears bullish and is currently in an uptrend. On the daily chart, a major price surge or decline is likely only if the consolidation range is breached; otherwise, Bonk price might remain in consolidation.
Based on the price action, if the market correction ends and BONK closes a daily candle above the $0.0000376 level, it could rally by 30% and reach the $0.000048 level. Conversely, if the consolidation breaks down and the price closes below the $0.0000309 level, it could trigger a 15% decline.
Despite recent price action, BONK is trading above the 200 Exponential Moving Average (EMA). It indicates that the asset remains in an uptrend.
However, the ongoing correction has brought BONK’s Relative Strength Index (RSI) down to 63 from 84. It hints that the price may now be ready for a price reversal.
Traders and Investors Bullish Activity
This period of unclear direction and ongoing consolidation is an opportunity for investors and long-term holders, as revealed by the on-chain analytics tool CoinGlass.
Data from spot inflow/outflow shows that exchanges across the crypto landscape have recorded an outflow of $10.40 million worth of BONK meme coins in the past 48 hours. The likely reason behind this accumulation is the recent BONK news.
Investors and traders are following the same sentiment, as bets on long positions have surged.
CoinGlass data reveals that traders strongly bet on the long side. Major liquidation levels at press time stood at $0.00003139 on the lower side and $0.00003569 on the upper side.
At these levels, traders have built $2.19 million worth of long positions and $1.01 million worth of short positions. This Bonk News shows that the bulls dominate the meme coin and strongly believe that BONK could break out of the resistance level and pave the way for a massive rally.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post BONK News: 500 Billion Tokens Burned as Price Eyes a Breakout appeared first on The Market Periodical.
