What's up people, get ready because the world of memecoins is a rollercoaster, and today we're going to unravel what's happening with BONK. 🎢
It turns out that BONK slipped nearly 7% yesterday, and of course, that raised some eyebrows. But before they start shouting 'the party is over!', let's take a closer look. Despite that drop, BONK remains the star of the week in the memecoin universe, with an impressive increase of 50%! 🚀 Crazy, right?
Look, those who invest short-term might be feeling the pressure, but the moves in the BONK futures market tell us another story. Open Interest (OI) is still sky-high, hovering around $54.7 million. That's more than double what we were seeing at the beginning of July! 📈 This tells us that a lot of people are still betting on BONK, believing that the momentum will continue.
Additionally, the funding rates are at 0.0329, which means that traders are paying extra to maintain their long positions. It's as if they're saying: 'It's worth paying to stay on this bullish wave!'. 🌊
Now, not everything is rosy. The total volume of derivatives dropped by 41%, which could indicate that some day traders are getting tired. But despite that, BONK remains the undisputed leader in weekly gains, leaving behind giants like Dogecoin and Shiba Inu. Even newer tokens like Pudgy Penguins and Official Trump are also seeing gains! 🐧🎩
In summary, although BONK had a small drop, the community and long-term investors remain strong. Memecoins are proving to be the first to react when capital returns to high-risk assets, especially if they have a strong community behind them! So, the million-dollar question is: is this just a pause to catch some breath or a change in direction? We'll be keeping an eye on it! 👀$BONK
