Final Move from Entity Who Emptied Meme Coin Treasury: Transfers 2.4 Trillion Tokens to Exchange

An investor who legally withdrew 4.426 trillion tokens from the BONK treasury signaled a new wave of selling by moving their final 2.4 trillion BONK to an exchange.

The popular meme coin project BONK (BONK) continues to be shaken by the moves of an investor who withdrew a large amount of assets from its treasury. According to data shared by the on-chain data analysis platform Lookonchain, this entity, who virtually emptied the treasury, has transferred their final remaining large amount to centralized exchanges. This situation deepens the pressure on the price by increasing concerns within the community that the assets will be liquidated.

This investor, who acquired a total of 4.426 trillion BONK tokens—worth approximately $21.2 million—through a legal process, has been exerting significant pressure on the market since July 6. While the BONK price has lost 40% of its value since that date, investors have their eyes glued to the movements of this massive wallet. Every move by the figure who emptied the treasury directly impacts the market’s selling appetite.

Critical Coinbase Transfer for BONK Price

According to Lookonchain data, the investor in question recently deposited their remaining 2.4 trillion BONK tokens, worth approximately $6.94 million, into the Coinbase exchange. Before today’s move, it is known that the investor made another sale of 800 billion tokens, worth about $2.48 million. Since large transfers to exchanges are generally considered preparation for liquidation, the panic in the market has not yet dissipated.

The fact that the entity who emptied the treasury has moved all their assets to the exchange has triggered fears of a new liquidity outflow in the meme coin market. Experts warn investors against potential volatility, stating that assets entering exchanges could turn into a large sell order at any moment. It remains to be seen how the downward trend ongoing since the July 6 incident will deepen following this latest transfer.