BONK crashes 19% as hacker moves $4.1M to Binance: more plunge ahead?

Bonk BONK remained under heavy selling pressure on Friday, trading below $0.0000034 after losing more than 19% this week. 

The meme coin's decline accelerated as on-chain data revealed that the hacker behind a recent exploit transferred a portion of the stolen BONK tokens to Binance, raising concerns about further liquidation.

The latest token movement has reinforced fears that additional exchange deposits could trigger another wave of selling, especially as the attacker continues to hold a significant amount of BONK.

Hacker moves $4.11 million in BONK to Binance

According to blockchain analytics platform Lookonchain, the attacker responsible for stealing approximately $21.2 million (approx. AED 77.9 million) worth of assets last week deposited around $4.1 million (approx. AED 15.1 million) in BONK into Binance on Friday.

The transfer suggests the stolen tokens may be prepared for sale, increasing downward pressure on the meme coin.

Since the exploit occurred on July 6, BONK has declined by more than 26%, with investor sentiment remaining fragile amid concerns over further token liquidations.

Despite the latest deposit, the hacker reportedly still controls approximately $10.9 million (approx. AED 39.9 million) worth of BONK.

The sizeable remaining balance continues to pose a significant overhang for the market, as any additional transfers to centralized exchanges could lead to renewed selling pressure and heightened volatility.

Until those holdings are accounted for, traders may remain cautious about initiating new bullish positions.

BONK Technical outlook points to further downside

The BONK/USD 4-hour chart is extremely bearish following the massive sell pressure over the past few days. 

BONK's technical structure remains weak after the token was rejected at its 50-day Exponential Moving Average (EMA) near $0.0000045 on July 6.

Since then, the meme coin has continued to trend lower, with bears maintaining control of the market.

At press time, BONK is trading at $0.00000326 per coin. If selling pressure persists, BONK could extend its decline toward the key psychological support level at $0.0000030.

Technical indicators continue to favor sellers. The Relative Strength Index (RSI) has fallen to around 30, placing BONK near oversold territory. 

While this indicates strong bearish momentum, it can also signal that selling may be becoming exhausted if buyers begin to return.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains in bearish territory, with a negative crossover and expanding red histogram bars, reinforcing the current downward trend.

On the other hand, if buying interest returns, BONK's first major resistance lies at the 50-day EMA near $0.0000045.

A sustained move above that level would improve the short-term technical outlook and could signal that the recent correction is beginning to lose momentum.

For now, however, ongoing concerns about the hacker's remaining BONK holdings continue to overshadow the meme coin's price action, leaving the market vulnerable to further downside.

The broader cryptocurrency market is also bearish, adding further selling pressure to BONK in the near term.