Back
BONK drops sharply after BonkDAO treasury transfer and reported token sales

BONK drops sharply after BonkDAO treasury transfer and reported token sales

The Solana memecoin fell as a July 6 BonkDAO governance vote moved about 4.426 trillion BONK from the community treasury, with exchange transfers, a reported 800 billion token sale, and recovery efforts weighing on sentiment.

SOL
BONK

Fact Check
The claim's specific figures—1.626 trillion BONK to Binance and Coinbase, ~$5.58M into CEXs, 4.426 trillion BONK ($21.2M) drained from treasury via governance proposal, and a 36% price drop over 11 days—are all confirmed verbatim by the originating on-chain analyst EmberCN (@EmberCN) and independently reported by PANews and Wu Blockchain (@wublockchain12). The earlier PANews/Coincu/Odaily items showed an intermediate state (only the Binance transfer, 28% drop over 10 days), which is consistent with the situation evolving; the full claim matches the later July 18 reporting. All numbers reconcile: 1.186T (Binance) + 0.4T (Coinbase) ≈ 1.626T; $4.11M + $1.28M ≈ $5.58M.
Summary

BONK remained under pressure after a July 6 BonkDAO governance incident that moved 4.426 trillion BONK, worth about $20 million to $21.2 million at the time, from the community treasury. On-chain reports said a wallet tied to the withdrawal sent 1.186 trillion BONK to Binance and 400 billion BONK to Coinbase, while Lookonchain separately reported the holder sold another 800 billion BONK for $2.48 million and still held 2.4 trillion BONK worth about $6.94 million. BONK was reported down 40% since the incident, down 31.72% over the past week, and lower on the day at prices cited around $0.000002948 and $0.000002792 in separate updates, as trading volume jumped more than 130%. BonkDAO said the issue was limited to the community treasury, not user funds or individual wallets, and that it flagged the wallets, placed them under monitoring, and is pursuing recovery options.

Terms & Concepts
  • BonkDAO: A decentralized autonomous organization managing BONK-related community decisions and treasury.
  • governance proposal: An on-chain vote or process used to approve project decisions such as treasury transfers.
  • token overhang: Large remaining holdings that may pressure prices if the holder continues selling.