BONK is back in the spotlight, rallying 8.7% over the past 24 hours and reaching a high of $0.0000235 before settling at $0.00002215. The surge came with 2.27 trillion tokens traded, a 67% increase over average volume, signaling growing institutional and retail interest.
Speculation continues to mount around a potential 2x leveraged BONK ETF from Tuttle Capital, while broader optimism around Solana’s newly launched ETF has helped drive capital into the ecosystem. However, BONK’s momentum isn’t just fueled by market noise – its ecosystem fundamentals are strengthening rapidly.
The standout catalyst is BONKbot, now the largest Telegram-based trading bot by volume. BONKbot has generated an impressive $4.35 million in monthly fees, eclipsing competing bots and providing a tangible revenue stream for the community.
Complementing this growth, BONK recently saw a $200,000 hackathon winner emerge, injecting further activity and innovation into the ecosystem.
Technically, BONK has broken out of a month-long downtrend channel, with buyers holding the $0.0000218 level and briefly establishing new support at $0.0000230 before a modest pullback, according to CoinDesk Research’s technical analysis model. With supply-side narratives (like the pending 1 trillion token burn) and expanding use cases, BONK may be primed for continued upside.
Technical Analysis Highlights
- BONK traded in an 8.7% range between $0.0000218 and $0.0000235 from July 6 at 15:00 UTC to July 7 at 14:00 UTC.
- Volume spiked to 2.27T, marking a 67% surge over the daily average and confirming a high-volume breakout.
- BONK found solid support at $0.0000218, with consistent buying pressure throughout the session.
- A sharp rally peaked at 10:00 UTC, followed by a breakout to $0.0000230, which briefly acted as support.
- The token slipped 2.7% in the final hour, from $0.0000228 to $0.0000222, amid profit-taking.
- Volume surged to 42.3B at 13:26 UTC, followed by a late-session spike of 145B at 13:59 UTC, triggering a technical pullback.
- Support at $0.0000225 broke under pressure, now acting as resistance heading into the next session.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.