BONK, the popular memecoin built on the Solana blockchain, saw a significant spike in activity, recording trading volumes of 2.9 trillion as speculation swirled around a potential exchange-traded fund (ETF) and plans for an upcoming token burn.
Bitcoin’s price hovering near a fresh all-time high of $108,018.70 has helped propel BONK to the forefront of the altcoin market, making it a standout during the current crypto rally.
The surge in BONK’s price reflects growing investor appetite for high-risk digital assets, especially after bitcoin’s recovery above the key $110,000 threshold sparked gains across major cryptocurrencies.
Market analysts remain upbeat about BONK’s outlook, suggesting further gains could be on the horizon.
Fueling BONK’s rally, the BONK Foundation’s new platform, LetsBONK.fun, recently surpassed rival Pump.fun in daily trading volume, registering a 126% surge. This milestone is significant for BONK investors because 50% of LetsBONK.fun’s revenue goes toward buying and burning BONK tokens, helping increase demand in an already heated market. Investors are also anticipating the burn of one trillion BONK tokens once the project hits its target of one million holders.
Adding to the optimism, Tuttle Capital Management confirmed that the earliest potential launch for its suite of leveraged crypto ETFs, including a 2× BONK ETF, is set for 16 July, further lifting sentiment around the token.
Technical Snapshot
- Between 2 July at 16:00 UTC and 3 July at 15:00 UTC, BONK-USD climbed from $0.0000147 to as high as $0.0000175, reflecting a 10.4% trading range, according to CoinDesk Research.
- A strong volume spike to 2.9 trillion shortly after midnight on 3 July created a support level around $0.0000157. Heavy buying pressure at $0.0000168 during the 05:00 UTC hour pushed prices higher before profit-taking slowed momentum later in the day.
- In the final hour of trading on 3 July, BONK-USD experienced sharp fluctuations, dropping from $0.00001666 to a session low of $0.00001619, then rebounding slightly to $0.00001624.
- A dramatic volume increase of 86.9 trillion at 15:35 coincided with BONK hitting its session low, establishing an important support zone. The price subsequently rebounded, forming an upward trend with rising volumes, notably at 15:49, when a 22.5 trillion surge lifted prices 2.7% from the day’s bottom.
