BONK Surges 10% on ETF Hopes, Solana Network Growth

BONK, a Solana-based meme token, experienced a significant surge of nearly 10% on July 2, reaching a price of $0.00001494. This rally came after the token peaked at $0.00001524 before retracing slightly. The surge was driven by renewed interest in Tuttle Capital’s proposed 2x Long BONK ETF, which has taken a procedural step forward with a post-effective amendment filed on July 1. This amendment designates July 16 as the earliest possible launch date for the ETF, pending approval from the Securities and Exchange Commission (SEC).

The filing of the post-effective amendment by Tuttle Capital has reignited investor interest in BONK, reflecting a broader appetite for structured meme coin exposure through traditional financial instruments. However, it is important to note that the ETF is not yet approved, and the July 16 date only marks the earliest possible activation under current SEC procedures. The filing includes similar 2x long exposure funds for other assets, such as SOL, TRUMP, MELANIA, XRP, ADA, and LTC.

In addition to the ETF developments, BONK developers announced that the Saga phone token redemption program will officially end on July 31. Out of the 20,000 allocations, approximately 17,599 have been claimed. Unclaimed tokens will be returned to the BONK DAO and allocated for future ecosystem development. This change coincides with the launch of the Solana Seeker phone, signaling a transition in Solana Mobile’s device cycle.

The Solana network continues to grow, with DeFi Development Corp joining as a validator, which boosts infrastructure decentralization. The broader network has now surpassed 350 on-chain integrations, increasing the visibility and utility of tokens like BONK across DeFi and Web3 use cases. This growth in the Solana ecosystem further supports the potential for increased demand and utility for BONK.

Technical analysis of BONK’s price movement shows that the token climbed from $0.0000136 to a peak of $0.00001524, representing a 12.1% increase, before closing at $0.00001494. The price broke through resistance at $0.0000144 during the 16:00 UTC hour on strong volume. However, a head-and-shoulders pattern formed between 16:48 and 17:47 UTC, indicating potential exhaustion. A breakdown below $0.00001500 saw heavy selling, with significant volume during the 17:39 candle. Support is now seen around $0.0000142, bolstered by high-volume buying during the 13:00 hour. Volatility and volume remain elevated, suggesting continued short-term speculation.