BONK price has taken a significant hit, retracing almost 45% since hitting its mid-July peak. Breaking below the key support zone at $0.000023-$0.000025 has added to the bearish trend, with the 100-day SMA now acting as a final line of defense against further losses. While the future remains uncertain, upcoming token burns and growing institutional interest could potentially turn this decline into a buying opportunity. The team announced a plan to burn 1 trillion BONK tokens once it reaches 1 million holders, significantly reducing circulating supply. Safety Shot, a Nasdaq-listed company known for its beverage that reduces blood alcohol content, recently allocated $25 million in BONK to its treasury, making it the second publicly-announced institutional holder following MemeStrategy’s initiative by Everything Blockchain, which aims to build a public portfolio of memecoins including BONK, PEPE and SPX6900.