BONK Memecoin Surges in Crypto Rally, Nears 1M Holder Milestone
Bitcoin’s Surge Fuels altcoin Rally, Led by Solana’s BONK
As Bitcoin approaches a new all-time high, the Solana-based memecoin, BONK, is at the forefront of a significant altcoin rally. This upward movement aligns with a renewed enthusiasm for risk assets, following Bitcoin’s rebound above $110,000, which has sparked widespread gains among major cryptocurrencies.
BONK’s Momentum and Market Sentiment
The positive momentum surrounding BONK appears to be robust, with numerous cryptocurrency analysts expressing optimistic views on its potential for further growth. The BONK Foundation’s token launchpad, LetsBONK.fun, has recently outperformed its competitor, Pump.fun, achieving a remarkable 126% increase in daily trading volume. This development is advantageous for BONK holders, as 50% of the platform’s revenue is dedicated to purchasing and burning BONK tokens, thereby creating additional upward pressure on prices. The market is also anticipating a significant token burn of 1 trillion when the project reaches 1 million holders.
In a related development, Tuttle Capital Management has announced that July 16 could be the earliest launch date for its new range of leveraged crypto ETFs, which includes a 2× BONK ETF, further enhancing bullish sentiment in the market.
Technical Analysis Insights
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Recent Price Movements: The BONK-USD trading pair saw a notable increase in buying activity over the last 24 hours, rising from $0.0000147 to a peak of $0.0000175, marking a 10.4% increase, according to technical analysis from CoinDesk Research.
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Volume and Support Levels: A significant volume spike to 2.9 trillion at midnight on July 3 established a strong support level at $0.0000157. High-volume buying at $0.0000168 during the 05:00 UTC hour helped push prices higher, despite some profit-taking later in the session.
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Volatility Observations: In the final hour from July 3 at 14:50 to 15:49 UTC, BONK-USD experienced notable volatility, dropping from $0.00001666 to a low of $0.00001619 before recovering to $0.00001624.
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Key Support and Recovery: A significant volume spike of 86.9 trillion at 15:35 coincided with the price hitting its low at $0.00001619, establishing a crucial support level. The subsequent recovery formed an ascending trendline, particularly highlighted by a volume of 22.5 trillion at 15:49, which pushed prices up by 2.7% from the session low.
Disclaimer: Portions of this article were generated with the assistance of AI tools and have been reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, please refer to CoinDesk’s complete AI Policy.
