The meme coin BONK is once again making waves in the crypto market. Over the past 10 days, it has surged by more than 70%, outperforming even the giants like Bitcoin and Dogecoin. But what exactly is behind this surprising rally – and how long can it last?
🚀 Explosive Growth Driven by Bonk.fun
The main driver of BONK’s rise is the Bonk.fun platform, which had a record-breaking week. For six consecutive days, it generated over $1 million in daily fees, peaking at $1.27 million on July 11. The weekly total reached nearly $8 million.
And that’s not all – nearly 58% of those fees are being used to buy back BONK tokens, reducing supply while demand keeps increasing. This subtle but powerful mechanism of price support remains largely underestimated by many traders.
Bonk.fun also outpaced its rival launchpad Pump.fun across all major metrics – revenue, launch volumes, and number of Solana-based token deployments. The platform has firmly established itself as the leader in this space.
📈 Key Resistance Level Under Pressure
BONK is now testing the $0.00002626 resistance – the same level where it topped in April before pulling back. Today, however, the memecoin has once again broken through a descending trendline, and bulls are pushing forward.
If BONK manages to break through this crucial level, it could quickly rally another 37% to reach $0.0000364. On the other hand, failure could result in a reversal to lower levels.
BONK is trading above its 200-day EMA, indicating an overall uptrend. However, the RSI has exceeded 70, signaling overbought territory – which could lead to a short-term correction if buying momentum weakens.
📊 Investors Are Holding, Exchanges Are Draining
Despite the risk of a pullback, investors continue accumulating. BONK tokens worth $1.88 million have flowed out of exchanges, signaling strong long-term interest and confidence in the project.
This is a bullish signal – fewer tokens on exchanges mean lower selling pressure and a higher chance of sustained growth.
#Bonk , #memecoin , #solana , #CryptoMarketMoves , #CryptoNews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“