BONK Slides 10% After Treasury Drainer Offloads Millions

The price of BONK is under significant strain this week after a wallet responsible for draining the project treasury began dumping tokens on the market. Traders are reacting to the news that the wallet sold another 800 billion tokens, which amounts to roughly 2.48 million dollars in value.

This recent activity follows a larger trend of liquidation. Since the wallet began draining funds in early July, it has successfully moved over 4.42 trillion tokens. The sheer volume of these sales has pushed the meme coin down by nearly 10 percent in the latest trading sessions.

Investors are keeping a close eye on the remaining balance in the exploited wallet. As the attacker continues to dump these assets, the selling pressure is likely to persist. Whether the price can find a bottom depends on whether market demand can absorb these massive tranches of supply in the coming days.