Memecoin Bonk (BONK) Hit by $20 Million Hacking Bomb, 0.0000039 Dollar Support Line Collapse Imminent

▲ Bonk (BONK)/Source: X ©

Bonk (BONK), a leading memecoin in the virtual asset market, has been hit hard by news of a large-scale hacking incident involving the theft of funds from its decentralized autonomous organization (DAO) treasury, suffering intense downward pressure for two consecutive days. This security incident has severely dampened investor sentiment and is threatening even short-term price defense lines, creating a tense atmosphere among global investors regarding the potential release of the stolen assets into the market.

According to investment media outlet FXStreet on July 7 (local time), BONK plummeted by over 10% the previous day and continued its decline today, maintaining a heavy trend below the $0.0000044 mark. The catalyst for this crash was a malicious governance proposal attack targeting the BonkDAO treasury. It has been confirmed that approximately $20 million worth of BONK tokens stored in the treasury were illegally leaked externally due to this sudden exploit (vulnerability attack).

Experts stated via official social media that during the investigation, they identified exchange wallets used by the attackers to accumulate tokens in advance before passing the governance proposal. BonkDAO is currently working closely with major virtual asset exchanges, cross-chain bridge operators, and the Solana Foundation to recover the funds and manage the situation. The media reported that law enforcement agencies have been notified of the hacking incident and are tracking the attackers, but warned that if hackers deposit large quantities of the stolen assets into exchanges to cash them out, a secondary selling bomb could hit the market.

From a technical analysis perspective, the downside risk is also intensifying. BONK failed to break through the 50-day exponential moving average (EMA) resistance level of $0.0000048 on the previous trading day, Monday, and retreated sharply; currently, even the $0.0000045 level has been breached. The media assessed that if this correction trend prolongs, it could lead to further declines, potentially reaching the previous low of $0.0000039 recorded in June.

Currently, momentum indicators are sending mixed signals. On the daily chart, the Relative Strength Index (RSI) is at 45, below the neutral baseline of 50, indicating clear bearish momentum. On the other hand, the Moving Average Convergence Divergence (MACD) still maintains a bullish crossover, suggesting that potential recovery energy at the bottom has not completely dissipated. If BONK overcomes this major negative event and successfully stages a dramatic rebound, it is expected to first attempt to reclaim the 50-day EMA at $0.0000048.

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