Bonk (BONK) is having a rough start to the week. The popular Solana-based meme coin slipped below $0.0000044 on Tuesday, deepening a slide that began a day earlier when it shed more than 10% of its value in a single session. This time the trigger was not a broad market sell-off but something far more specific and damaging: a security breach at BonkDAO, the decentralized organisation behind the token, that drained roughly $20 million worth of BONK from its treasury.
The incident has knocked investor confidence, and that shaken sentiment is exactly what is feeding the ongoing price correction in the meme coin.
What actually happened to the treasury
According to BonkDAO, the attack came through the very mechanism designed to keep the project in community hands. A malicious governance proposal was pushed through and used to pull an estimated $20 million in BONK tokens straight out of the treasury. In other words, the attackers weaponised the DAO's own voting and proposal system instead of breaking in from the outside. That is what makes the episode so serious: the weak point was the same governance layer the community is supposed to trust.
BonkDAO's response
The project has reported the hack to law enforcement and says it is working with relevant parties to trace and recover the stolen funds and to identify whoever was behind the attack. For now the priority is tracking where the drained tokens move next, before they can be offloaded elsewhere.
Why the price keeps falling
The security issue has weighed heavily on sentiment, with BONK correcting more than 10% after the incident and carrying that fallout into Tuesday. The bigger worry is what comes next. If the attackers move the stolen BONK tokens onto exchanges to cash them out, it would create fresh selling pressure and push the price down further. That threat is keeping traders cautious.
Where BONK sits on the charts
The technical picture is soft as well. On Monday, BONK was rejected at the 50-day Exponential Moving Average (EMA) at $0.0000048 and fell more than 10% that day. At the time of writing on Tuesday, the decline extended and the token was trading below $0.0000045.
If the meme coin keeps correcting, the losses could stretch toward the June low of $0.0000039. Momentum indicators are sending mixed signals. On the daily chart, the Relative Strength Index (RSI) reads 45, sitting below the neutral level and pointing to bearish momentum. At the same time, the Moving Average Convergence Divergence (MACD) is still flashing a bullish crossover, hinting at improving momentum under the surface. If BONK recovers, it could push back toward the 50-day EMA at $0.0000048.
The wider crypto market
Bonk is not alone under pressure this week. Ripple and Stellar have both lost steam. XRP is running into rejection near a key resistance level, while XLM has kept pulling back so far this week. Despite the correction, mixed on-chain and derivatives metrics suggest traders remain cautiously optimistic on these altcoins, with derivatives data pointing to a mixed outlook.
Bitcoin, by contrast, has shown some strength. It held above $63,000 at press time on Tuesday, keeping a streak of six straight days of gains alive even after Strategy sold 3,588 BTC on Monday. Broader crypto market sentiment is holding up, and DeFi tokens such as DeXe and LayerZero emerged as top gainers over the last 24 hours.
On the Ethereum (ETH) side, treasury firm BitMine Immersion Technologies scooped up 42,197 ETH last week, extending its weekly accumulation streak in the top altcoin. The purchase pushed the company's total holdings to 5.74 million ETH, worth roughly $10.27 billion at the time of writing.
