BONK, a Solana-based meme token, plummeted 11% to $0.00001232, wiping out most of its gains from the previous week. The token fell below the crucial support level of $0.0000137 amid heightened volatility, which peaked at 8.5%. The sell-off intensified at 03:00 GMT, with trading volume soaring to 964.3 billion tokens, 46% above the average. Despite a brief 5.3% rebound to $0.00001309, BONK remains under the $0.0000137 resistance level. Traders are closely monitoring the $0.0000129 support level to avert further declines.