The memecoin market is heating up again. Total sector capitalization has climbed to approximately $61.3 billion, up 0.4% over the past 24 hours, according to market data from CoinGecko.
Trading volumes have also exploded past $7.4 billion in the same period, proof that investors are still willing to trade. At the heart of this resurgence is $BONK, the Solana-based token rapidly gaining momentum.
$BONK Overtakes Rivals, Ranks as Fifth-Largest Memecoin
$BONK’s price soared over 66% in the past week, pushing its market capitalization to $1.66 billion and propelling it to 52nd place on the global crypto rankings.
The rally pushed $BONK past Fartcoin, securing its spot as the fifth-largest memecoin.
Launched in late 2022 through a massive Solana airdrop, $BONK (nicknamed “Bonk Inu”) takes cues from Dogecoin, complete with a Shiba Inu mascot.
From day one, the team focused on mass adoption. Creator Nom Bark says integrations exploded from 40 at launch to over 350 today, driving steady user growth.
This aggressive expansion strategy has paid dividends, with projects like Bonk Bot, a popular Solana-based Telegram trading bot, now processing higher trading volumes than many Layer-1 blockchains.
Launch of LetsBonk.fun Supercharges $BONK’s Momentum
The launch of LetsBonk.fun, a new meme coin launchpad built by the $BONK community with Raydium (Solana’s leading liquidity provider), has fueled the token’s recent rally.
Seen as a competitor to Pump.fun, BONK’S latest platform, differentiates itself by using generated fees to buy back $BONK, whereas Pump.fun has faced criticism for reportedly selling off Solana tokens.
The buyback of $BONK tokens supports the project’s commitment to its community and also reduces the circulating supply. In theory, this can create further scarcity and drive a price pump.
LetsBonk.fun seems to have gone viral.
BONK developer @SolportTom reports an increase in the influx of Korean and Chinese users.
To capitalize on this, the developers plan to translate $BONK’s websites into native languages and appoint regional ambassadors to further expand community engagement.
In addition, LetsBONK has partnered with Raydium to reward the next 20 AI projects that migrate to its platform and sustain a market cap above $100K for 24 hours, offering incentives in $RAY tokens.
Beyond the tech upgrades, $BONK’s cult-like following has been instrumental in its rebound over competitors like DogWifHat ($WIF).
One of its most notable backers, Unipcs, famously known as “Bonk Guy,” gained fame in 2023 after turning a $16K investment into $13.7 million through $BONK holdings.
Since then, he’s been a vocal proponent of Solana’s memecoin scene, consistently sharing trade setups and fostering belief in $BONK’s long-term prospects.
$BONK Derivatives Market Heats Up As Technicals Point to Fresh Breakout Toward $0.00002632
Open interest in $BONK’s derivatives market has now surpassed $31 million, further amplifying bullish sentiment.
Analysts suggest that with $BONK still 64% below its November 2024 peak, there could be substantial room for further upside.
From the technical outlook, the 4-hour $BONK/$USDT chart reveals a bullish breakout following an extended downtrend.
After carving a descending channel marked by lower highs and lows, $BONK reversed sharply, breaking the structure with strong momentum.
Post-breakout, the token formed a series of higher lows, shaping a rounded bottom pattern and multiple cup-like formations, signaling sustained accumulation.
At press time, $BONK is trading near $0.00002155, with a breakout target around $0.00002632. This represents a 22.47% upside from recent consolidation levels.
However, the RSI Divergence Indicator shows a reading of 71.03, suggesting BONK is entering overbought territory.
While momentum remains strong, if bullish pressure eases, traders should watch for potential pullbacks toward the $0.00001800–$0.00002000 range.
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