BONK Slips as Governance Vote Nears, Testing Key Technical Support

• BONK fell 3.94% and lost the $0.00001000 psychological level despite strong early-session momentum.
• Volume reached 1.61T tokens — 137% above average — during a failed breakout attempt at $0.000010273.
• The December 11 dYdX governance vote on BONK integration remains a key near-term catalyst.

BONK declined 3.94% over the past 24 hours, sliding to $0.000009492 as the token broke below the psychological $0.00001000 threshold amid increased trading activity surrounding its pending dYdX governance vote.

The Solana-based memecoin rallied to $0.000010273, where volume jumped 137% above the 24-hour average to 1.61 trillion tokens during an attempted test of overhead resistance, according to CoinDesk Research's technical analysis data model.

That move failed to hold, with the token’s intraday trend reversing into a series of lower highs that produced multiple support breaks through the afternoon.

Despite the pullback, BONK found footing near $0.000009380 and stabilized into the session’s close, though attempts to regain lost ground remained limited. The upcoming Dec. 11 vote on a proposed BONK integration into the dYdX Chain added a layer of anticipation to market activity. Under the proposal, BONK would receive 50% of protocol trading fees in exchange for developing a dedicated frontend for the dYdX Chain—a step that could materially expand BONK’s utility footprint.

The measure is currently undergoing community review before entering the formal voting window.

The rejection at $0.000010273 created a resistance ceiling that shaped price direction for the remainder of the day, while support consolidation at $0.000009380 suggests a temporary equilibrium forming ahead of Wednesday’s governance developments. Volume patterns indicate heightened positioning rather than directional conviction, keeping BONK in a structurally fragile zone until it reclaims levels above $0.000009600.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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• Crypto prices were modestly higher, but also volatile following the Fed's rate cut earlier Wednesday.
• In his post-meeting press conference, Fed Chair Jerome Powell took note of a labor market that might be weaker than previously thought, while also sounding cautious about gains made in fighting inflation.

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