$BONK
🚨 Increasing open interest backs BONK’s rally 🚨
The surge in the price of Bonk over the last seven days comes after a significant jump in its open interest (OI).
BONK’s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.
Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.
Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.
Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.
BONK's social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz.
