Meme Coin Experiences Sharp Rise Again: These Reasons Ignited the Rally!

BONK meme coin (BONK) rose by 11% as its trading volume exceeded $1 billion, surpassing the TRUMP meme coin to become the fourth largest meme coin by market capitalization.

Recently experiencing sharp fluctuations, the BONK meme coin caught investors' attention with a strong 11% rise on July 8. The token, which had fallen to $0.000021124 in the previous session, quickly recovered and closed the day at $0.000022868. The current trading price of BONK is around $0.0000228.

Consolidating between $0.000022848 and $0.000023033 on the daily chart, BONK made a significant breakout attempt today with a surge in volume. This movement further strengthened the overall bullish expectations in the market.

Social Media and ETF Boost

One of the most important factors triggering the price of BONK was social media interest. Shares on the X platform (formerly known as Twitter) celebrated BONK surpassing the TRUMP meme coin to become the largest fourth meme coin by market value.

Moreover, the token’s community platform bonk.fun reached a market share of 54.7%, attracting the attention of investors. The community's planned meme-based NFT projects and art campaigns could also enhance the token's growth potential in the coming period.

On the other hand, rumors that Tuttle Capital will launch a 2x leveraged BONK ETF seem to have accelerated purchases, supporting the overall positive sentiment in the crypto market.

When examining the technical data, it is noted that the $0.000021124 level has been confirmed as strong support, with trading volume reaching 2.60 trillion units. The average volume in recent hours being at the level of 11.2 billion units per minute indicates that investor interest continues. Under these conditions, it is stated that BONK could maintain its upward trend in the short term.