Bonk has seen a steep price drop from its July peak, currently trading at around 0.00002405 USD. The bearish trend is driven by significant profit-taking after a notable increase of 79.6% in July, alongside a decline in open interest from 73.4 million USD to 39 million USD.
The technical outlook shows a Death Cross pattern and a MACD sell signal, indicating further potential declines. Additionally, the suppressed funding rate around 0.0052% suggests reduced leverage, contributing to the bearish sentiment in the derivatives market.
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