BONK memecoin hits new lows with rising sell pressure and bearish trader sentiment.

BONK, a memecoin, has dropped about 10% in 24 hours, reaching new all-time lows on major exchanges like Binance and OKX. The token is down 66% year-to-date and 39% in the last month, with increasing short positions and a negative funding rate indicating strong seller control. Trading volume surged over 200% to $69 million, signaling growing momentum among sellers. Technical indicators suggest BONK may be nearing oversold conditions, but bearish sentiment remains high, pointing to continued downside risk.