Bonk (BONK), the fourth-largest meme coin by market capitalization, has surged 81.1% over the past fortnight. This rise has raised hopes that the dog-themed coin may soon reclaim its all-time high (ATH).
Several factors, including exchange-traded fund hype, increased demand, and technical indicators, are fueling this optimism.
Why is BONK Coin Up?
BeInCrypto data showed that BONK began its rally after hitting a 2-month low on June 22. Despite brief dips, the uptrend gathered momentum earlier this month, and the Solana-based token saw consecutive pumps, boosting its value by 52.4% over the past week.
Moreover, BONK’s performance outpaced the broader cryptocurrency market during the same period. Tuttle Capital Management’s recent filing to launch a 2x leveraged BONK ETF was a primary catalyst behind this surge.
The post-effective amendment designates July 16 as the earliest possible launch date, pending regulatory approval.
“Tuttle files amendment to go post-effective July 16. Includes 2× leveraged ETFs for Bonk, Trump, Melania, XRP & more,” an analyst posted.
This fueled the bullish momentum, painting BONK’s chart green. At the time of writing, the meme coin was trading at $0.0000225, up 2.7% over the past day.
This rise has caught the market’s attention. The meme coin is one of the top trending cryptocurrencies on CoinGecko today.
Will BONK Revisit Its Peak Price After the Latest 81.1% Rally?
With the price now just 61.8% away from its ATH, speculation is growing that BONK may soon close this gap. The ETF itself could be a key factor behind this.
While the initial news of the filing sparked the recent rally, the actual launch could trigger a similar response. This would likely attract new investors and improve BONK’s liquidity and price stability.
Next, Bonk’s 24-hour trading volume has soared to $1.45 billion, the highest since late November 2024. This indicated heightened trading activity and investor interest.
Furthermore, BONK holders have been growing steadily. The latest data from Solscan highlighted that the meme coin currently has around 947,300 holders.
Analyst Justin Wu suggested on X that getting close to the 1 million holder milestone could trigger a 1 trillion token burn, reducing supply and potentially boosting value. A reduced circulating supply and sustained holder growth could create upward price pressure.
From a technical analysis perspective, an analyst noted that BONK has broken out of its weekly downtrend for the first time since November 2024, marking a potential turning point.
“The real fireworks could just be starting. If BONK can break its next key resistance, we could be looking at all-time highs and true price discovery! The momentum is undeniable,” the post read.
Meanwhile, another analyst spotted a broadening wedge pattern on BONK’s chart. He added that the latest breakout above the resistance level further supports the potential for upward momentum.
“Volume confirmation suggests this move could extend higher in the coming days. This breakout signals potential upward momentum, with targets at $0.0000255, $0.0000371, and $0.0000592,” the analyst added.
Lastly, Bonk’s decentralized meme coin launchpad, LetsBonk, has seen a significant increase in activity, surpassing Pump.fun, the leading token launchpad. According to data from Dune, 16,797 meme coins were deployed on LetsBonk today, outpacing Pump.fun’s 10,111 tokens.
The majority of top tokens launched in the past 24 hours are from LetsBonk, with SAVIOUR reaching a market cap of $64.63 million. Additionally, LetsBonk surpassed Pump.fun in daily trading volume, recording $553 million compared to Pump.fun’s $352 million. This activity highlights growing investor attention toward BONK and its ecosystem.
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