BONK Surges 20% on ETF Speculation and Solana Support

BONK, a popular meme coin on the Solana network, experienced a significant surge of nearly 20 percent in the last 24 hours. This rally was driven by a combination of factors, including speculation around an ETF and the strengthening support within the Solana ecosystem.

Tuttle Capital Management has reportedly filed applications for an ETF 2x Long BONK, which, if approved, could start as early as July 16. This news has sparked numerous speculations and resulted in a new wave of demand for BONK. The ETF proposal also includes other tokens such as SOL, XRP, and ADA, as well as politically informed tokens named TRUMP and MELANIA. This diverse selection indicates an increasing demand for community-affiliated tokens, positioning BONK as a promising candidate in the market.

BONK's price rebounded from a selling price of approximately $0.00001449 to a trading price of $0.00001714. Prior to this breakout, strong support levels at $0.00001550 and $0.00001580 helped stabilize the token. Currently, it faces resistance at $0.00001720, which traders are closely monitoring.

Market data reveals that BONK’s trading volume has surged over 326 percent within the same period. A volume-to-market cap ratio of 37.71 percent suggests substantial accumulation and renewed interest from both short-term and long-term holders.

In addition to market speculation, BONK’s ecosystem continues to expand. The Saga phone token redemption program is set to end on July 31, with over 88 percent of tokens already claimed. Any unclaimed tokens will be transferred to the BONK DAO for future development. The activity within the Solana ecosystem, including over 350 integrations of decentralized finance and the introduction of new validators such as DeFi Development Corp, further contributes to BONK’s popularity. This growing support positions BONK as a potential backbone of the Solana community.

BONK’s explosive rise is a result of the powerful combination of ETF excitement and the growing support within the Solana ecosystem. As demand spikes, the meme coin is capturing attention across both speculative and fundamental fronts, making it a notable player in the current market landscape.