As bitcoin
hovers close to a contemporary all-time excessive, the Solana-based memecoin, BONK , is main the foremost altcoin rally.
The surge coincides with renewed optimism in threat belongings following bitcoin’s restoration above $110,000, which has triggered widespread features throughout established cryptocurrencies.
BONK’s momentum seems sustainable as quite a few crypto analysts categorical bullish sentiment, citing important upside potential remaining.
Including to BONK’s bullish case, the BONK basis’s token launchpad, LetsBONK.enjoyable, lately surpassed competitor Pump.enjoyable in each day quantity with a 126% improve. This growth advantages BONK holders as 50% of the platform’s income is allotted to purchasing and burning BONK tokens, creating extra constructive worth stress in a market already anticipating the upcoming 1 trillion token burn when the undertaking reaches 1 million holders.
In the meantime, Tuttle Capital Administration confirmed July 16 because the earliest doable launch date for its suite of leveraged crypto ETFs, together with a 2× BONK ETF, fueling bullish sentiment.
Technical evaluation highlights
- The BONK-USD pair skilled elevated shopping for stress over the past 24 hours, from July 2, 16:00 UTC, to July 3, 15:00 UTC. It surged from $0.0000147 to a peak of $0.0000175, representing a ten.4% vary, in line with CoinDesk Analysis’s technical evaluation mannequin.
- A major quantity spike to 2.9 trillion at midnight on July 3 established robust assist on the $0.0000157 degree, whereas high-volume shopping for on the $0.0000168 degree through the 05:00 UTC hour propelled costs larger regardless of late session profit-taking, the mannequin confirmed.
- Nevertheless, over the past 60 minutes from July 3 at 14:50 to fifteen:49 UTC, BONK-USD skilled important volatility, dropping from $0.00001666 to a low of $0.00001619 earlier than recovering to $0.00001624.
- A notable quantity spike of 86.9 trillion at 15:35 coincided with the worth bottoming at $0.00001619, establishing a key assist degree. The next restoration shaped an ascending trendline with rising volumes, notably at 15:49, the place 22.5 trillion in quantity pushed costs up by 2.7% from the session low, in line with the mannequin.
Disclaimer: Components of this text have been generated with the help from AI instruments and reviewed by our editorial group to make sure accuracy and adherence to our requirements. For extra info, see CoinDesk’s full AI Coverage.
