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BONK Surges 10%, Leaves Bitcoin and Ethereum Trailing—Can the Meme Coin Mania Last?
Momentum has returned to the meme coin sector, with BONK leading a notable rally that caught traders’ attention. The Solana-based token jumped approximately 10% over the past week, reaching $0.00002195 USDT, while Bitcoin and Ethereum posted more modest gains. This performance places BONK firmly in the spotlight as speculative interest returns to digital assets.
The fourth-largest meme coin by market capitalization now commands a $1.7 billion valuation, with daily trading volumes exceeding $1.5 billion. These numbers reflect serious money flowing into what started as a joke token. Technical indicators paint an optimistic picture too. The RSI sits at 64, suggesting room for growth without entering overbought territory. Meanwhile, the MACD shows bullish momentum building steadily.
Several factors drive this renewed interest in BONK. Tuttle Capital Management‘s proposed 2x leveraged BONK ETF stands out as a major catalyst. If approved by July 16, this product could open doors for traditional investors who want meme coin exposure without directly holding crypto.
The growing ecosystem around Solana-based token launchpads, particularly LetsBonk, has also increased demand for the native meme token. The strong community vibes characteristic of successful meme coins continue to foster engagement and drive adoption among BONK holders.
On-chain metrics reveal another encouraging sign. BONK’s spot price recently climbed above its realized price for the first time since May, indicating stronger holder conviction. The Average Directional Index at 32 confirms a moderately strong upward trend gaining steam.
However, increased volatility comes with the territory – the ATR rose to 0.0000032, reminding traders that meme coins can swing wildly. The recent breakout from a descending lateral channel formed in June with ascending lows adds technical validation to the current rally.
The road to BONK’s November 2024 all-time high of $0.000053 remains long. Current prices would need to more than double to reach those heights again. Yet analysts see potential for a breakout phase if market conditions align. The combination of ETF speculation, growing holder count, and improved sentiment across crypto markets creates an interesting setup.
Whether this meme coin mania lasts depends on broader market trends and regulatory decisions. For now, BONK demonstrates that community-driven tokens still capture imagination and capital.
Traders should remember: volatility cuts both ways in meme coin land. DYOR remains essential advice.
