According to data from CoinMarketCap, BONK is now only 33% below its all-time high of $0.00005916 and its trading volume increased to $2.4 billion, a jump of 60% in a single day, pushing BONK's market capitalization back above the $3 billion mark.
Data from Coinglass reveals that derivative volume soared by 150%, while open interest rose by 36%, underscoring the growing interest from traders for exposure to BONK. Additionally, short sellers suffered a massive liquidation of $3.39 million in the last 24 hours, highlighting the bullish pressure.
What ignites the controversy around BONK is its inclusion in Grayscale's institutional watchlist. While it does not guarantee inclusion in ETFs, it gives BONK a credibility boost among traditional investors.
At the same time, LetsBonk.fun from BONK, launched earlier this year, is creating a sensation by capturing 52% of the meme coin creation market. This places it well above the previous leader, Pump.fun, which now holds a 39% share.
However, according to Jupiter, Pump.fun still leads trader activity, with 401,000 users in the last 24 hours compared to LetsBonk's 268,000.