Bonk Price Prediction: $20M Treasury Drain Could Push BONK to a New Low

Bonk (BONK) has dropped by 7% in the past 24 hours after a white-hat hacker managed to drain $20 million from its treasury by exploiting a flaw in its governance protocol.

The project’s developing team publicly acknowledged the incident on X and claimed that they are working with law enforcement agencies, exchanges, and stablecoin issuers to blacklist the wallets used to carry out the attack.

Attacker Exploited Bonk DAO’s Voting Structure to Transfer 4.43 Trillion BONK

To pull off the drain, the hacker first created a proposal to transfer 4.43 trillion tokens to a wallet under his control. Then, he bought $4 million worth of BONK to reach the minimum threshold required to pass new proposals sent to the project’s decentralized autonomous organization (DAO).

Then the hacker voted Yes on his own proposal, effectively passing the code and transferring the funds automatically.

The move revealed a significant flaw in Bonk’s architecture. The latest decline in the token’s market cap allowed the hacker to require a lower amount to pull this off, which also points to the risk that some protocols are facing during this bear market.

The BONK community still has some hope that the hacker will receive a bounty for revealing this exploit rather than fully cashing out on the heist. However, data from Chainalysis shows that the wallets involved have already started to liquidate around $5 million worth of BONK tokens.

This explains today’s strong drop. Trading volumes jumped by 220% in the past 24 hours as a result of the hack. At $140 million, these volumes account for more than a third of the token’s circulating market cap.

Bonk Ecosystem Growth Stalls as Launchpad Demand Craters

Meme coins as a whole have been heavily battered during this bear market, as interest in these tokens has waned. Bonk is the third-largest Solana meme coin with a market cap of $370 million.

Last year, the project started to compete with Pump.fun in the launchpad segment via LetsBonk.fun. The platform relied on an incentive campaign primarily to lure traders and managed to steal a significant portion of Pump.fun’s market share for a few weeks.

However, after incentives were gone, trading volumes evaporated. As a result, Bonk’s ecosystem growth has been stalled since then.

Data from Jupiter indicates that LetsBonk has now dropped to 4th place by 30-day volumes in the launchpad space with just $159 million traded through its platform. Comparatively, its closest peer, Revshare, processed $1.8 billion worth of transactions during this same period.

Bonk Seems Poised to Hit New Low After Treasury Drain

Including today’s drop, the price of BONK has now retreated by 43% in 2026. Looking at the daily chart, we can see that the token is heading to retest its October 2025 lows.

BONK fell to $0.000004 as a result of the flash crash that happened back then. This treasury drain could undermine the project’s credibility and trigger a strong selling spree that may even break that support area.

In that case, even though the BONK community could still be resilient and survive the hit, the downside risk for this token is quite high right now. We expect it to make a new 2026 low due to this exploit.