Bonk Memecoin Surges 21.22% as Buyer Volume Outpaces Seller by 167.31 Billion Tokens

Bonk, a memecoin, experienced a notable surge of 21.22% within a 24-hour period, reaching a three-week high of $0.0000174. This rally was driven by a significant increase in buyer volume, which outpaced seller volume by 167.31 billion tokens. The memecoin's price bounced off its recent low of $0.000013, climbing to a local high of $0.0000175 by the time of reporting. The trading volume for Bonk spiked by 332% to $548 million, indicating a substantial increase in demand.

The return of buyers to the market signaled a renewed interest in Bonk. On July 3rd, the buy volume for Bonk reached $1.61 trillion, compared to $1.44 trillion in sell volume. This pattern was also observed the previous day, with buy volume hitting $1.21 trillion. As a result, Bonk recorded a positive buy-sell delta of 167.31 billion tokens, reflecting aggressive spot demand. Prior to this buying activity, Bonk had experienced four consecutive days of higher selling pressure, with investors selling more than they were accumulating. The significant buying activity suggests that investors are returning to pump fresh capital into the memecoin.

Derivatives data also indicated increased participation in the market. Bonk’s Open Interest spiked by 45.93% to $17.38 million, while volume surged by 271.1% to $97.59 million. A rising Open Interest alongside volume confirms increased participation in the Futures market by new entrants. Additionally, Bonk’s Long/Short ratio spiked to 1.057, suggesting that investors were entering the market with a bullish sentiment. A ratio above 1 implies that most investors are actively betting on prices to continue rising.

Momentum indicators also supported the upward trend. Bonk’s Moving Average Convergence Divergence (MACD) surged to -0.00000023, signaling strong upward momentum. Simultaneously, Bonk’s Relative Strength Index (RSI) surged to 60, edging into bullish territory. The RSI at these levels suggests that buyers are currently in a position of dominance in the market. If the current buying momentum holds for a sustained period, Bonk is likely to reclaim $0.000018 and aim for a jump to $0.000020. Conversely, if the buyer’s momentum fades and profit takers overwhelm the market, Bonk will find support around $0.000015.