Bonk (BONK): The Memecoin Explodes By 60% In One Week
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Bonk, the second largest memecoin based on Solana, has been experiencing an impressive recovery since April 22. In just one week, its value surged by 60%, climbing from $0.00001247 to an intraday high of $0.00002167 on April 28. Explore the factors driving this price surge and the overall memecoin recovery.
In Brief
- Bonk (BONK) records a 60% increase in one week, reaching $0.00001923.
- Bonk memecoin’s trading volume increased by 98%, reaching $478 million.
- Interest in memecoin Futures exploded, with open interest rising from $11 million to $43 million.
- BONK could target $0.000040, a 104% increase from its current price.
Bonk: An Impressive Rise
After a surge to $0.00001247 on April 22, Bonk’s price continued its climb, reaching $0.00001923! That’s a 60% increase from the previous week. With trading volume jumping 98% in 24 hours to reach $478 million, BONK’s market capitalization briefly flirted with $1.7 billion before stabilizing around $1.5 billion.
This impressive increase reflects a broader renewed interest in memecoins across the crypto market.
- Dogecoin (DOGE) and Shiba Inu (SHIB), two of the largest memecoins, saw their prices rise 3% and 5% respectively this week.
- Gains in TrumpCoin (TRUMP) and BrettCoin (BRETT), soaring 73% and 83% respectively, also show renewed interest in these volatile yet popular assets.
As a result, the total memecoin market capitalization reached $55.51 billion, a 17.5% increase in one week.
Memecoin: Strong Activity on Futures
One of the reasons for this rapid rise of Bonk is the increase in interest in futures contracts. BONK’s open interest (OI) exploded, rising from $11 million on April 22 to $43.2 million on April 26, an increase of 290%. Although this number slightly dropped to $28 million, it remains significantly higher than levels seen since December 2024, indicating that more traders are speculating on this memecoin.
Furthermore, Bonk price broke a multi-month downtrend in mid-April and may continue its ascent toward a major resistance level at $0.00002410. If this threshold is crossed, BONK could target $0.000040, representing a potential 104% increase from the current level.
Bonk thus continues to surprise investors and remains at the center of attention in the memecoin market after the temporary crash. With strong futures activity, rising market capitalization, and a general resurgence of memecoins, BONK seems ready to continue its upward trajectory in the coming days.
