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BONK drops 41% in 12 days as wallet sends 4.426 trillion tokens to exchanges

BONK drops 41% in 12 days as wallet sends 4.426 trillion tokens to exchanges

After legally withdrawing 4.426 trillion BONK from the treasury via a governance proposal, the wallet moved the full amount to centralized exchanges, including Coinbase, drawing scrutiny over likely selling pressure.

BONK

Fact Check
All caller-supplied sources and the original on-chain analyst EmberCN consistently confirm the claim's core facts: an address withdrew 4.426 trillion BONK via a governance proposal, moved the tokens to centralized exchanges (notably Coinbase) in tranches including a final ~400 billion, and BONK fell ~41% over 12 days (the Odaily source says 40% over 13 days after full liquidation). The BlockBeats (flash/356873) and PANews articles explicitly state the 41% / 12-day figure and the 400 billion / $1.11M Coinbase transfer, matching the claim precisely. Independent analyst Hupzy (Spot On Chain) corroborates the governance drain and systematic sell-off. Minor variation in exact cumulative CEX totals across timestamps reflects the ongoing nature of the transfers, not a contradiction.
Summary

A wallet that legally withdrew 4.426 trillion BONK from the Bonk treasury via a governance proposal has transferred the full amount to centralized exchanges over about 13 days, according to EmberCN, with Lookonchain reporting that the remaining 2.4 trillion BONK worth about $6.94 million was deposited to Coinbase on July 20. EmberCN said the final transfer included 400 billion BONK sent to Coinbase and estimated the selling realized about $13.58 million versus an initial value of roughly $21.2 million. The analyst linked the distribution to a 41% drop in BONK over 12 days. The reason for the transfers was not clear, but exchange deposits by a concentrated holder are often monitored as a signal of possible open-market sales.

Terms & Concepts
  • governance proposal: A formal on-chain mechanism used to submit and approve actions affecting a protocol or treasury.
  • BONK: A Solana-based meme token.
  • centralized exchanges: Crypto trading platforms operated by companies that custody user assets and match trades.