BONK dropped 10% in 24 hours to fresh multi-year lows on both Binance and OKX, extending a slide that has now wiped out 39% of the memecoin's value over the past month and 66% year-to-date.
The token's own perpetual futures market told a mixed story: trading volume surged more than 200% to $69.07 million even as open interest in the perpetual market shrank to just $5.3 million, and funding turned negative at -0.0169%, signaling short positions now dominate. Bollinger Bands, however, showed BONK trading at the lower edge of its range, a reading that AMBCrypto's analysis noted “does not confirm an imminent rebound” but suggests the token may be approaching oversold territory.
A Delisting Adds to the Pressure
Part of the renewed selling traces back to South Korean exchange Upbit, which announced it will delist BONK on September 7, ending both its KRW and USDT trading pairs. That news pushed BONK to an intraday low of $0.00000255 — its weakest level since November 2023 — before it settled around $0.00000264, still down nearly 7% on the day and badly lagging a broader market that has otherwise been rallying.
Bears Still Hold the Momentum Indicators
Not every signal points toward relief. The Accumulation/Distribution line remains on a downward trajectory at roughly -11 trillion BONK, indicating continued distribution rather than accumulation, while the Aroon indicator shows its downtrend line at 100% against an uptrend reading of just 14.29% — a lopsided setup that still favors bears. Sentiment has followed price lower too, with bullish consensus slipping from 85% to 71% and an aggregate sentiment score of -3.33 across roughly 3,410 social media posts tracked. Other corners of the altcoin market are showing similarly weak conviction: a recent $3.58 million ENA purchase by an Amber-linked wallet failed to lift broader demand for that token, underscoring how selective buying pressure has become across smaller-cap assets even when isolated bids appear.
Related: Amber-Linked Wallet Buys $3.58M in ENA, But Ethena Demand Stays Weak
