$BONK
🚨 BONK Rally Boosted by Rising Open Interest 🚨
BONK's price has surged over the past week, supported by a sharp rise in open interest (OI).
From April 22 to April 26, total OI across all exchanges jumped 290%, climbing from $11 million to $43.2 million.
Although it has since dropped to $28 million, it's still much higher than the levels seen since December 2024.
This rise in open interest shows more traders are entering BONK futures markets, pointing to increased speculative activity.
According to CoinGlass, there's growing demand for leveraged long positions in BONK.
This is reflected in the OI-weighted funding rate, which has been climbing.
Higher funding rates often mean traders are bullish, expecting prices to keep rising—signaling a possible continuation of the uptrend.
BONK is also seeing strong social activity.
Santiment data shows its social dominance rising from 0.091% to 0.572% between April 20 and April 26, fueled by buzz around its ecosystem.