The cryptocurrency BONK is currently experiencing a decline after a recent increase. This article analyzes the reasons for the drop and events related to whale activity.
BONK's Correction According to Elliott Theory
BONK's price is showing signs of correction following its recent rally. According to Elliott Wave Theory, the current price action coincides with a completed five-wave advance, now followed by a corrective ABC pattern. After peaking at $0.00000399, the price has retraced toward the $0.00000344 level, likely forming wave B of the correction. The projected wave C could take BONK lower, with Fibonacci support levels identified at $0.00000299 and $0.00000271. Despite the potential downturn, analysts clarify that this does not indicate a full trend reversal.
High Revenue from Launchpad
On the launchpad letsbonk.fun, operating on Solana, there was a reported revenue of $9.68 million for the week of July 14–20, 2025. This surpassed competitors such as Pump.fun and Raydium. BONK once again led all Solana-based platforms in revenue.
Whale Activity and Consequences
Analysts are closely monitoring whale activity. On July 18, Galaxy acquired $30 million worth of BONK but soon reduced its holdings to $18.6 million. This reduction has raised concerns about potential volatility driven by large investors, while BONK continues to show strong launchpad metrics and trading volume.
In summary, BONK's current correction is intensified by concerns about whale activity, while the launchpad continues to demonstrate significant success in generating revenue.
