Bonk halts refunds for Solana Saga owners as claims slow down

The Bonk (BONK) token recovered about 4% at the time of publication on Wednesday after two consecutive days of losses. The announcement of the suspension of Bonk refunds for Saga users starting July 31 and the increase in open interest align with the slight recovery, indicating the potential for a price increase.

Bonk announced the suspension of its native tokens on the Solana Saga device, as the claims percentage in the Solana Mobile Store declines. The launch of the new Solana Seeker mobile device marks the end of the first-generation device refund period, which will be officially discontinued.

With 17,599 claims submitted out of a total of 20,000 claims, unclaimed Bonk will be transferred to the decentralized autonomous organization (DAO) of Bonk on July 31.

CoinGlass data shows a 4.18% increase in open interest (OI) in the last 24 hours, reaching $11.77 million. Investors may view this as a sign of increased optimism, as a rise in buying activity fuels open interest.

Increased buying is supported, as the weighted funding rate on open interest rose to 0.0022% from 0.0009% over the past 8 hours. Positive funding rates are typically imposed on bulls to compensate for the imbalance between spot market prices and swap rates resulting from increased buying.