$BONK , a meme coin based in Solana, is the biggest winner today, rising 22% in the past 24 hours. This surge comes as cryptocurrency markets recover more broadly.

However, gains $BONK

Driven mostly by renewed investor interest ahead of the potential launch of a leveraged exchange-traded fund (ETF) linked to this currency.

Traders are strongly betting on $BONK as its launch date approaches.

Tuttle Capital recently submitted an amendment after its effective date to the U.S. Securities and Exchange Commission (SEC) for its proposed leveraged ETF fund series, including the long-term BONK ETF (#Long2xBONKETF ). This amendment indicates the potential launch of the product on July 16.

This has led to renewed enthusiasm towards BONK, as traders' expectations have increased that the fund may attract more inflows and institutional interest. This interest is clearly reflected in the net spot inflows for the currency. At the time of writing, the net inflow was $1.68 million, up over 100% from the previous day.

BONK Spot Inflow/Outflow

The net cash inflows track the entry of capital into the asset through direct purchases, indicating increased investor interest and demand for it. When the net cash inflows for the asset rise, it signals an upward trend in the market.

An increase in net cash inflows for #BONK reflects growing investor confidence in the asset and may contribute to increased pressure on its price as more capital flows into the market.

Moreover, the positive funding rate of this meme coin confirms these bullish expectations. As of this writing, this rate is 0.0085%, indicating a preference among investors for long positions over short positions in BONK among futures market participants.

BONK Funding Rate

The funding rate is a periodic payment between traders in perpetual futures contracts to keep the contract price consistent with the spot price. When the funding rate is positive, demand for long positions increases.

This means that more traders are betting that the price of BONK will continue its gains in the short term.

BONK breaks through the 20-day exponential moving average, indicating new bullish momentum.

The sharp rise in the price of BONK pushed the price above its 20-day exponential moving average (EMA), which now forms a dynamic support below at $0.000014.

The 20-day exponential moving average measures the average price of the asset over the past twenty trading days, giving more weight to recent prices. When the asset's price trades above its 20-day exponential moving average, it indicates short-term bullish momentum and the likelihood of further gains.

If the optimists maintain control, they may push the price of BONK towards $0.000018.

BONK Price Analysis

Conversely, if demand decreases, the price of the altcoin may drop below $0.000016, falling to $0.000012. #REX-OSPREYSolanaETF #BTCReclaims110K #DYMBinanceHODL