BONK Memecoin Surges 63.79% in a Month, Becomes Fifth-Largest by Market Cap

$BONK, a memecoin, has seen a significant surge in value, with a 63.79% increase over the past month. This surge comes despite a 12.4% dip over the past week, and the coin has seen an impressive 18,548% increase since its launch during the 2022 bear market. $BONK has climbed the ranks to become the fifth-largest memecoin by market cap, surpassing projects like $FARTCOIN, $WIF, and $FLOKI. With a market capitalization of $1.6 billion, many $BONK holders view the current consolidation as a setup for another breakout, potentially retesting its all-time high of $0.00005916, around 65.69% above current levels.

A trader on X recently called any pullback at this level “a gift,” echoing broader sentiment among investors. On-chain data also supports this narrative. A whale investor recently allocated $682,000 of a $5 million meme coin portfolio to $BONK, acquiring 33.8 billion tokens. According to Stalkchain, $BONK has been the most purchased token over the past three days, outpacing $GOAT, $MOODENG, and $GRASS.

Meanwhile, $BONK’s ecosystem continues to grow. The team has secured a MainStage sponsorship at the upcoming Solana Accelerate conference. In another milestone, DeFi Dev Corp launched the first public company memecoin validator on Solana in collaboration with $BONK. The project also gained cultural exposure through the Ridge Hotel Mural Project, featuring work by renowned artist Jeff Henriquez, known for his iconic Borussia Dortmund mural. Adding to the momentum, $BONK recently launched “Miss BONK Vegas,” a competition to crown the first Miss BONK on June 11 during Bitcoin Vegas, further boosting its visibility and community engagement. These developments appear to be reflected on-chain, with $BONK approaching the 1 million holder mark.

After ranging between approximately 0.00000850 and 0.00001350 $USDT for nearly two months, $BONK decisively broke above this consolidation zone in early May. At press time, $BONK trades around $0.00002079, representing a 3.85% increase on the day. The chart includes a measured move projection suggesting a potential price target of approximately 0.00003973 $USDT. This target represents a gain of over 159% from the breakout level and aligns with a historical resistance area from late 2024. If this bullish momentum continues, the price could approach this target in the short to mid-term. Supporting the bullish case is the Relative Strength Index (RSI), currently at 55.81 with a moving average of 60.84. The RSI remains in neutral-to-bullish territory, indicating that the asset is not yet overbought and still has room for upward movement. Key support levels to watch include the former resistance zone near 0.00001300–0.00001500 $USDT, which is now expected to act as support. A deeper retracement could find buyers near the lower consolidation band around $0.00000850–$0.00000900. On the upside, the major resistance lies at the projected target of $0.00003973, with a broader supply zone identified between $0.00004500 and $0.00005500, where prior sell pressure may re-emerge.