The price of the Bonk token (BONK) has surged sharply. In the past 7 days, its value has surged 73%, and in just the past 24 hours, it has already jumped 24%. This surge isn’t solely due to FOMO; it stems from institutional interest, ecosystem growth, and a series of compelling technical data.
BONK’s inclusion on Grayscale’s quarterly watchlist on July 16th was a strong initial trigger. Shortly thereafter, Tuttle Capital’s BONK-based 2x leveraged ETF launched, opening access to large investors. Furthermore, the day before Grayscale’s announcement, Bonk DAO burned 100 billion tokens worth approximately $3.4 million—clearly tightening the market supply.
Meanwhile, BONK’s launchpad, LetsBonk.fun, also dominated the market. This platform managed to capture 55% of the memecoin market share on the Solana network and brought in $13.2 million in revenue in early July alone.
Interestingly, 35% of that amount was used to buy back BONK. So, it’s not just profit, but also a price strengthening strategy.
BONK heats up as indicators flash bullish momentum
According to CoinMarketCap data, the 14-day RSI reading of 85.39 as of July 17, BONK is clearly on fire. Normally, this would signal overbought. But oddly, the MACD histogram has consistently shown positive divergence since July 9. And when the price broke through the $0.00002434 resistance on July 15, the next Fibonacci target of $0.00004645 seemed to be gaining traction.
Furthermore, derivatives activity also increased. Open interest surged 25% to $62.86 million, and daily trading volume reached $2.33 billion, a 52% increase in just one day. So, it’s not just hype; there’s significant money involved. Moreover, the balance of BONK tokens on exchanges has also decreased by 22% in the last 30 days, indicating that selling pressure has also decreased.
Not only that, BONK also has a money-making engine from Bonkbot, a trading tool on Telegram that secretly rakes in up to $54.8 million in annual fees. So, if people think BONK is just a fun memecoin, it seems it’s time to reconsider.