The BONK treasury drainer sold another 800 billion tokens worth about $2.48 million on July 18. BONK has declined 40% since the July 6 treasury exploit, while the wallet still holds 2.4 trill
BONK extended its decline after the wallet that legally drained 4.426 trillion BONK from the treasury sold another 800 billion tokens. According to Lookonchain, the latest sale occurred on July 18, while the token has fallen 40% since the July 6 treasury incident. The wallet still holds 2.4 trillion BONK worth about $6.94 million, keeping attention on future token movements.
According to Lookonchain, the wallet sold another 800 billion BONK valued at about $2.48 million on July 18. The latest transaction reduced the remaining balance to 2.4 trillion BONK, worth approximately $6.94 million.
Previously, Lookonchain reported that the same wallet deposited 1.19 trillion BONK, valued at about $4.11 million, into Binance. At that time, the wallet still controlled 3.2 trillion BONK worth roughly $10.85 million.
The treasury incident began on July 6 after a malicious governance proposal enabled the removal of 4.426 trillion BONK. BONK later confirmed the exploit, while security analysts attributed the incident to a security weakness within the project.
Meanwhile, additional blockchain activity kept the wallet under close observation. Two transfers totaling about 800 billion BONK, valued at $2.73 million, reached the same Binance deposit address on July 16. However, those transfers alone did not confirm the tokens were sold.
Spot flow data reflected heavy selling between July 6 and July 9. Consecutive negative netflow readings reached nearly negative $400,000, while several others ranged between negative $100,000 and negative $300,000.
Although inflows briefly climbed near positive $250,000 on July 8, they failed to offset continued selling. Consequently, BONK's price continued moving lower throughout that period.
Source: Coinglass From July 10 through July 15, inflows and outflows alternated more evenly. Positive readings frequently reached between $100,000 and $200,000, while recurring outflows limited price movement.
The largest positive netflow appeared on July 16 and approached $380,000. Another inflow near $230,000 followed shortly afterward. However, BONK continued declining despite the stronger buying activity.
Large outflows, including one near negative $320,000 on July 17, maintained downward pressure. Toward July 18, positive netflows became more frequent, with several inflows ranging between $50,000 and $200,000.
During the same period, BONK's price stabilized near its lowest level within the observed timeframe, while the latest Lookonchain update confirmed continued sales from the treasury drainer.
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