BONK Price Drops 9% Amid Technical Sell-Off Despite New Swiss ETP Launch

The price of Solana-based meme coin BONK has declined by approximately 9% over the past 24 hours. This downturn occurs despite the recent debut of a BONK Exchange Traded Product (ETP) on the SIX Swiss Exchange, a development typically viewed as a sign of institutional adoption and market maturity. Analysts attribute the current price drop to a technical breakdown, with BONK breaking below key support levels, which triggered a wave of automated selling and stop-loss orders. The bearish technical pattern has overshadowed the positive news of the ETP listing, highlighting the volatile and sentiment-driven nature of the meme coin sector. Market participants are now watching to see if BONK can find a new support base or if the correction will deepen.