Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.
\nBONK\u2019s open interest surged 290% to $43.2 million.\u00a0<\/p>\n
Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28. Source: Cointelegraph.com NewsKey takeaways: BONK price is up 73% since April 22, hitting a five-month high of $0.00002167. BONK\u2019s open interest surged 290% to $43.2 million.\u00a0 Bonk (BONK), the second-largest… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128158"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128158"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128158\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128158"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nData from Cointelegraph Markets Pro and TradingView shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.
\nBONK\/USD daily chart. Source: Cointelegraph\/TradingViewBONK\u2019s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.
\nLet\u2019s examine the factors that have fueled BONK’s price momentum over the last week.
\nMemecoins recover across the board
\nBONK\u2019s rally over the last seven days mirrors the bullish price movements across the broader crypto market, including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB), the leading memecoins, have jumped 3% and 5% over the last seven days.\u00a0
\nOfficial Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base\u2019s Brett (BRETT) has rallied 83% over the same period.\u00a0
\nPerformance of top-cap memecoins. Source: CoinMarketCapThis widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.
\nMemecoin market cap and volume. Source: CoinMarketCapOver $7.96\u00a0billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.
\nIncreasing open interest backs BONK\u2019s rally
\nThe surge in the price of Bonk over the last seven days comes after a significant jump in its open interest (OI).\u00a0
\nBONK\u2019s 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.
\nRising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.
\nBONK open interest across all exchanges. Source: CoinGlassData 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.
\nBONK average perpetual contracts 8-hour funding rate. Source: CoinGlassIncreasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.
\nBONK’s social dominance remains high, suggesting high social activity. Santiment data shows BONK\u2019s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK\u2019s ecosystem buzz.\u00a0
\nBONK social dominance and volume. Source: SantimentThis surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.
\nBONK breaks out of a multimonth downtrend
\nOn April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support.\u00a0
\nThe bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.
\nBONK\/USD daily chart. Source: Cointelegraph\/TradingViewThe sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers\u2019 dominance in the market.\u00a0
\nHowever, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend.\u00a0
\n\u201c$BONK\u2019s descending trendline got cleared,\u201d declared popular analyst World of Charts in an April 28 post on X, \u201cexpecting 2x in the coming days.\u201d
\nMeanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.
\nSource: Crypto JoeThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"