BONK Rallies Nearly 10% as Tuttle Capital Eyes Mid-July Launch for 2x Leveraged ETF

BONK surged to $0.00001494 on July 2, climbing 9.87% and extending its momentum within the booming Solana meme coin space, according to CoinDesk Research’s technical analysis data.

The rally was fueled by renewed buzz around Tuttle Capital’s proposed 2x Long BONK ETF, which has advanced procedurally but has not yet secured regulatory approval.

Tuttle Capital initially filed a Form N-1A on Jan. 27 for a suite of leveraged ETFs, including one offering double-long exposure to BONK. On July 1, the firm filed a post-effective amendment indicating the ETF could become effective as soon as July 16, though its actual launch remains contingent on regulatory green lights and operational preparations. The filing also mentions potential 2x leveraged funds for other assets, such as SOL, TRUMP, MELANIA, XRP, ADA, and LTC.

This update reignited investor interest in BONK, underscoring the broader appetite for gaining exposure to meme coins via traditional financial products. However, it’s important to note the ETF has yet to receive approval, and July 16 simply marks the earliest date it could go live under SEC procedures.

Elsewhere in the BONK ecosystem, developers announced that the Saga phone token redemption program will officially conclude on July 31. Out of 20,000 available allocations, approximately 17,599 have been redeemed so far. Any unclaimed tokens will revert to the BONK DAO for future ecosystem development. This change comes alongside the launch of Solana’s new Seeker phone, signaling a new phase in Solana Mobile’s product cycle.

Meanwhile, the Solana network continues its growth trajectory. DeFi Development Corp has joined as a network validator, enhancing decentralization and security. Across the ecosystem, Solana now boasts over 350 on-chain integrations, increasing the practical applications and visibility of tokens like BONK throughout DeFi and broader Web3 spaces.

Technical Analysis Highlights

• BONK rallied from $0.0000136 to a high of $0.00001524, a gain of 12.1%, before settling at $0.00001494.
• Price pierced resistance at $0.0000144 during the 16:00 UTC hour on significant volume of 1.38 trillion.
• A head-and-shoulders pattern emerged between 16:48 and 17:47 UTC, hinting at possible buying fatigue.
• A drop below $0.00001500 triggered intense selling, with 73.9 billion in volume during the 17:39 candle.
• New support has formed around $0.0000142, backed by heavy buying during the 13:00 hour.
• Elevated volatility and trading volume indicate continued short-term speculation.