BONK price falls over 7% after burning 1.69 trillion tokens-what’s going on?

The token has also outperformed BONK over the past week, gaining over 32% compared to BONK’s 7.2% rally.

At press time, the token had formed a god candle on its daily chart, which is typically a sign of whale activity. The sudden price rise managed to mitigate some of the day’s losses, bringing the token’s price to $0.000030.

If more investors follow suit, it could spark the next leg up for the meme coin toward the key resistance level at $0.000034, a level BONK has tested twice this week but failed to breach.