BONK: Governance Drain Sends Price Down 36%

BONK price has dropped 36% to $0.000003 in the 11 days since the governance proposal drained 4.426 trillion tokens worth $21.2 million from the treasury, with 1.626 trillion already sent to centralized exchanges.

The latest move saw 400 billion BONK tokens valued at $1.19 million transferred to Coinbase, pushing the token another 7% lower since the morning.

Price action on the 4h chart shows a bearish structure with price trading inside the Bollinger Bands while EMA50 and EMA200 act as resistance overhead; the RSI at 22.54 signals oversold conditions and the MACD death cross confirms momentum remains negative, suggesting any bounce will likely stall at upper band resistance before testing lower support.