Bonk
surged 9.87% to $0.00001494 on July 2, extending latest positive factors throughout the Solana meme token area, based on CoinDesk Analysis’s technical evaluation mannequin.
The transfer got here amid contemporary consideration to Tuttle Capital’s proposed 2x Lengthy BONK ETF, which has taken a procedural step ahead however stays unapproved.
Tuttle Capital initially filed a Kind N-1A on Jan. 27, for a set of leveraged ETFs, together with a 2x Lengthy BONK product. On July 1, the agency submitted a post-effective modification stating that the ETF may grow to be efficient no earlier than July 16. This implies the product may launch after that date, pending regulatory clearance and operational readiness. The submitting consists of related 2x lengthy publicity funds for different belongings, together with SOL, TRUMP, MELANIA, XRP, ADA and LTC.
This replace has rekindled investor curiosity in BONK, reflecting broader urge for food for structured meme coin publicity through conventional monetary devices. Nevertheless, the ETF will not be but accepted, and the July 16 date solely marks the earliest attainable activation below present SEC procedures.
Elsewhere, BONK builders introduced that the Saga telephone token redemption program will formally finish on July 31. Of the 20,000 allocations, roughly 17,599 have been claimed. Unclaimed tokens shall be returned to the BONK DAO and earmarked for future ecosystem improvement. This transformation coincides with the launch of the Solana Seeker telephone, signaling a transition in Solana Cellular’s system cycle.
In the meantime, the Solana community continues to develop. DeFi Growth Corp has joined as a validator, boosting infrastructure decentralization. The broader community has now surpassed 350 on-chain integrations, rising the visibility and utility of tokens like BONK throughout DeFi and Web3 use instances.
Technical Evaluation Highlights
- BONK climbed from $0.0000136 to a peak of $0.00001524, up 12.1%, earlier than closing at $0.00001494.
- Worth broke by way of resistance at $0.0000144 in the course of the 16:00 UTC hour on robust quantity of 1.38 trillion.
- A head-and-shoulders sample fashioned between 16:48 and 17:47 UTC, indicating potential exhaustion.
- Breakdown beneath $0.00001500 noticed heavy promoting, with 73.9 billion in quantity in the course of the 17:39 candle.
- Assist is now seen round $0.0000142, bolstered by high-volume shopping for in the course of the 13:00 hour.
- Volatility and quantity stay elevated, suggesting continued short-term hypothesis.
Disclaimer: Elements of this text had been generated with the help from AI instruments and reviewed by our editorial staff to make sure accuracy and adherence to our requirements. For extra data, see CoinDesk’s full AI Coverage.
