Stacy Pereira
- BONK Meme Coin climbs 66% as spot market inflows top $19 million.
- LetsBonk has launched over 22,000 meme coins in a day, outpacing Pump.fun.
- A proposed 2× leveraged BONK ETF by Tuttle Capital has stoked market optimism.
Leading dog-themed meme coin, BONK, has surged 63.93% in the past week, indicating a bullish momentum and renewed enthusiasm in the meme coin space. The strong rally could be fueled by its launchpad dominance, growing speculation of an ETF, as well as technical breakouts, that are working in its favor. The memecoin reached an intraday peak of $0.000024 on July 8 and analysts see an uptrend towards $0.000040.
Boost by LetsBonk launchpad
The Solana-based LetsBonk platform has outpaced competitor Pump.fun, launching tens of thousands of meme tokens in a single day, since its release on April 25. This surge in activity, with over $19 million in spot inflows and revenue of $1.23 million in a single day, has significantly lifted BONK’s demand. BonkFun also hit $402 million in trading volume in a single day, outperforming every other platform on Solana to become the number 1 launchpad by market share.
ETF hype & token burn plans
News of a proposed 2× leveraged BONK ETF by Tuttle Capital, with reports suggesting a possible filing as soon as July 16, has stoked market optimism. Positive news regarding token burns and expanding ecosystem activity has made token holders hopeful. Just last week, the Bonk team revealed plans to burn 1 trillion BONK tokens once the project hits 1 million holders. With the current number of holders at 950,300 as per CoinGecko, that milestone could be reached in the near future.
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Witnessing a technical breakout
BONK recently broke out of a weeks-long descending wedge, surpassing its downtrend resistance. Notably, BONK’s BBTrend indicator has just flipped positive for the first time in 30 days, strengthening the case for a sustained rally. The current price is well above the 200‑day EMA, however, with the RSI now above 75, BONK is now in overbought territory, indicating that a short-term pause or price correction may occur before any further upward movement.
BONK is Solana’s flagship community token and has 50% of its supply airdropped to users to promote fair distribution. Used across DeFi and NFT use cases via BonkSwap, BonkBot, and the LetsBonk launchpad, its value is tied to the broader Solana ecosystem.
