BONK could rally higher amid Bonk.fun hijack: Check forecast

The cryptocurrency market is currently experiencing mixed performance, with some coins in the red, while others are rallying.

$BONK, one of the leading memecoins in the crypto space, is up by 1% in the last 24 hours despite negative news from the Bonk ecosystem.

The memecoin could rally higher in the near term, thanks to positive technical indicators.

Bonk.fun website hacked, users’ funds drained

$BONK is up by 1% in the last 24 hours and now trades at $0.00000596.

The positive performance comes despite Bonk announcing that its Solana-based memecoin launchpad, Bonk.fun, experienced a security breach on Wednesday.

The attackers compromised its domain and deployed a malicious wallet-draining script designed to siphon funds from connected wallets.

The project confirmed the breach in a statement on social media, warning that the platform’s domain had fallen under the control of a malicious actor.

The Bonk operator, Tom, added that the losses from the hack were minimal, as the team spotted the security breach soon after it occurred.

“We understand a lot of people are scared and rightly so, but we’re doing everything in our power to fix the situation,” Tom wrote.

Bonk.fun, originally known as LetsBonk.fun, emerged as a key player in Solana’s memecoin ecosystem by offering instant token deployment, real-time trading via bonding curves, and automatic liquidity provision.

The platform uses a portion of fees to support buybacks and burns of the $BONK token.

Tom pointed out that Bonk.fun places a major emphasis on its community and accessibility for non-technical users.

This latest development comes as phishing attacks in crypto have become increasingly sophisticated and prevalent.

The sophistication can be tied to advancements in AI, the rise of wallet drainers, and tactics like domain hijacking, impersonation, and social engineering that exploit user trust rather than technical vulnerabilities.

Chainalysis’s 2025 report shows that overall crypto scam losses reached around $17 billion last year, adding that major scam operations are becoming more industrialized.

$BONK eyes the $0.00000685 swing high

Similar to Dogecoin and Shiba Inu, $BONK’s 4-hour chart is currently bearish and efficient.

The momentum indicators have switched positive, suggesting that the bulls are currently in control of the market.

The Relative Strength Index (RSI) of 54 is above the neutral 50, indicating that the buyers are applying pressure.

The Moving Average Convergence Divergence (MACD) indicator is also converging, suggesting a growing bullish momentum.

If the buying pressure persists, $BONK could rally towards the March 4th high of $0.00000645.

An extended bullish scenario would allow $BONK to take out the February 25 swing high of $0.00000685 in the near term.

However, if the market reacts to the hack, $BONK could dip towards the weekly support level at $0.00000548.

Losing this support level could increase the selling pressure towards the February 6 low of $0.00000512.