BONK Leaps Nearly 10% as Tuttle Capital Targets Mid-July for Potential 2x Leveraged ETF Debut
BONK’s price jumped to $0.00001494 on July 2, recording a 9.87% gain as the popular Solana-based meme coin maintained its upward momentum, based on technical analysis data from CoinDesk Research.
The surge came amid growing buzz over Tuttle Capital’s proposed 2x Long BONK ETF, which is progressing through regulatory processes but has yet to receive a green light for launch.
Tuttle Capital initially filed a Form N-1A on Jan. 27, outlining plans for a suite of leveraged ETFs, including one offering double-long exposure to BONK. On July 1, the firm submitted a post-effective amendment indicating the earliest the ETF might go live is July 16, though that date still hinges on regulatory approvals and operational preparations. Tuttle’s filings also mention potential 2x leveraged ETFs for other cryptocurrencies like SOL, TRUMP, MELANIA, XRP, ADA, and LTC.
This latest development has rekindled investor interest in BONK, signaling the continued appetite for gaining exposure to meme coins through traditional investment products. However, it’s crucial to note that the ETF remains unapproved, and July 16 merely marks the soonest possible launch date under SEC rules.
Elsewhere in the BONK ecosystem, developers revealed that the Saga phone token redemption program will officially conclude on July 31. Of the 20,000 token allocations available, about 17,599 have already been redeemed. Any unclaimed tokens will revert to the BONK DAO for use in future ecosystem development. This comes alongside the release of Solana’s new Seeker phone, signaling a new chapter in Solana Mobile’s hardware lineup.
Meanwhile, the Solana blockchain continues to expand its reach. DeFi Development Corp has joined the network as a validator, enhancing security and decentralization. Altogether, Solana now boasts more than 350 on-chain integrations, broadening use cases and increasing visibility for tokens like BONK across DeFi and the larger Web3 ecosystem.
Technical Analysis Highlights
- BONK climbed from $0.0000136 to a peak of $0.00001524, representing a 12.1% surge before closing at $0.00001494.
- The price broke through resistance at $0.0000144 during the 16:00 UTC hour, driven by substantial trading volume of 1.38 trillion tokens.
- A head-and-shoulders pattern emerged between 16:48 and 17:47 UTC, suggesting potential buyer fatigue.
- A brief drop below $0.00001500 triggered significant selling pressure, with 73.9 billion tokens traded during the 17:39 candle.
- New support has formed around $0.0000142, bolstered by heavy buying observed during the 13:00 UTC hour.
- Elevated volatility and trading activity reflect persistent short-term speculation surrounding BONK.
