BONK is stealing the show again. After a quiet stretch, the memecoin is suddenly back on traders’ radars with a sharp price rally and a huge jump in trading activity. Both retail traders and bigger players are piling in, pushing BONK to the top of today’s market movers.

According to data from Coinmarketcap, BONK price is up nearly 15% on the day and trading around $0.00002491. What’s even more eye-catching is the 117% surge in volume, with over $1.3 billion traded in just 24 hours. That’s enough to make it the top gainer on the board right now.

So, what’s behind this sudden move? A lot of the hype is coming from speculation around a 2x leveraged BONK ETF proposed by Tuttle Capital Management. If approved, it could launch as early as July 16. 

Traders are jumping in early, hoping to front-run what they believe could be a wave of new demand. It’s a familiar pattern, similar to what happened with the Solana ETF launch, which pulled in over $33 million on day one.

Derivatives data is also pointing to growing excitement. Open interest in BONK futures is up by 9.75% over the past month. That tells us more traders are placing leveraged bets and expecting big swings ahead. Whether this is just ETF hype or the beginning of a longer move, one thing’s clear: BONK is back in the spotlight, and the market is paying attention.

Read Also: How High Can Ongoing BTC Spike Go? Here’s What Key Indicators Show

Bonk On-Chain Activity Supports Rally

BONK ecosystem expansion is also playing a role in supporting the price move. LetsBonk, the project’s native launchpad, now accounts for 55% of Solana’s memecoin market share, redirecting capital away from competitors. The platform allocates 35% of protocol fees toward BONK buybacks, contributing to steady demand pressure.

Liquidity metrics remain high. BONK volume to market capitalization ratio is 0.64, which is strong market participation and near-term demand. These conditions have fueled the setup for steep bullish price action.

BONK Price Trend Structure Remains Intact

The 4H chart shows BONK maintaining its bullish momentum. The token continues to print successive higher highs and higher lows, with price action sitting above a clear rising trend-line as well as the 30-period EMA, both of which have been good support since the beginning of July.

Resistance is now in front of us in the $0.0000260–$0.0000262 region, where BONK price was rejected on July 12. A breakdown above here with confirmation might pave the way for a journey to $0.0000300. Key support rests at $0.0000228–$0.0000230; a breakdown below there might find its way to $0.0000210.

Source: TradingView.com 

While bullish at price, momentum indicators suggest short-term exhaustion. Relative Strength Index (RSI) stands at approximately 59, having fallen from overbought at the beginning of the week. A small bearish divergence was formed after price printed a slightly higher high on July 12 while RSI was not able to do the same.

Traders’ focus is now on whether or not BONK price can sustain above short-term support. A move above $0.0000262 would most likely attract more volume, while failure to hold significant levels can prompt a wave of profit-taking and re-establish the trend.

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