BONK price increased 60% in a week as Solana memecoin makes a comeback

The open interest in BONK futures has tripled over the past week as the Solana-based memecoin sees an influx of investors.

Key points to note:

BONK price has risen 73% since April 22, reaching a five-month high of $0.00002167.

BONK open interest surged 290% to $43.2 million.

$BONK the second largest memecoin based on Solana by market capitalization, is on track to continue the recovery that began on April 22. BONK has increased about 73% from its low on April 22 of around $0.00001247, bringing the price to a daily high of $0.00002167 on April 28.

Data from Cointelegraph Markets Pro and TradingView shows BONK is trading at $0.00001923, up 3% in 24 hours and 60% over the past seven days.

Trading volume of BONK has increased by 98% in the past 24 hours to $478 million, and the company's market capitalization also surged to $1.7 billion on April 28 before returning to the current level of $1.5 billion.

Let's examine the factors driving BONK's price increase over the past week.

Memecoin recovery across the board

The price surge of BONK over the past seven days reflects increased price volatility across the cryptocurrency market, including the memecoin sector. Most memecoins recorded double-digit gains over the past week. Top memecoins DOGE and Shiba Inu have increased by 3% and 5% over the past seven days.

Trump Official (TRUMP), the memecoin related to U.S. President Donald Trump, recorded a weekly increase of 73%, while Brett of Base rose 83% during the same period. #rebound