BONK Meme Coin Witnesses Top Holders Liquidating Assets After Coinbase, Binance, and Crypto.com Inclusions

Crypto News- Bonk (BONK) made an astounding surge, boasting a remarkable 200% gain within a week and an astonishing 1000% increase in just a month, fueled by its recent listings on major crypto giants Coinbase and Binance, both supporting the Solana-based meme coin. The news of Bonk’s impending listing on other renowned crypto exchanges added fuel to the fire. However, the euphoria surrounding these developments quickly gave way to profit-taking activities by savvy traders and influential whales, causing BONK’s price to retrace some of its recent gains.

BONK Meme Coin Witnesses Top Holders Liquidating Assets After Coinbase, Binance, and Crypto.com Inclusions

A revealing post on X by Lookonchain on December 15 shed light on the dynamics at play, suggesting that the listing on Coinbase and Binance triggered a classic “buy the rumor, sell the news” scenario for traders and influential market participants. One noteworthy whale reportedly offloaded a staggering 52.3 billion BONK tokens, originally acquired at $0.0000021, fetching a substantial profit of over $750,000. The trader then smartly staked the tokens from October 30 to November 29, subsequently liquidating all BONK holdings, currently holding only Solana (SOL) valued at $362,598.

Meanwhile, DWF Labs, a prominent market maker, added to the selloff narrative by depositing 50 billion BONK, equivalent to $1.6 million, into Binance. This move coincided with Crypto.com joining the ranks of Coinbase and Binance in listing Bonk for trading starting December 15.

Adding another layer to the Bonk saga, the cryptocurrency community witnessed a rush for Solana Mobile phones as users sought to capitalize on the Bonk airdrop. The surge in demand resulted in the complete sell-out of Saga phones in the United States. As a result, those who acquired Solana Mobile phones are now claiming a 30 million BONK airdrop, valued at over $900.