The Solana-based memecoin BONK witnessed a dramatic spike in trading activity, surging to 2.9 trillion in volume amid mounting speculation over a potential exchange-traded fund (ETF) launch and an anticipated token burn event.

As bitcoin hovers near a new all-time high at $108,018.70, BONK has emerged as the standout performer in the altcoin space, spearheading the broader market rally.

The ongoing rally in BONK is fueled by renewed investor appetite for risk assets, following bitcoin’s rebound above the critical $110,000 threshold—a move that has sparked significant gains across major cryptocurrencies.

Crypto analysts remain optimistic about BONK’s prospects, highlighting considerable room for further upside.

Strengthening BONK’s bullish narrative, the BONK Foundation’s launchpad, LetsBONK.fun, recently surpassed rival platform Pump.fun in daily trading volume, posting a 126% increase. This is a significant development for BONK holders, as 50% of LetsBONK.fun’s revenue is allocated toward purchasing and burning BONK tokens, enhancing buying pressure in an already heated market. Investors are also eyeing the planned burn of one trillion BONK tokens once the project hits the milestone of one million holders.

Adding to market enthusiasm, Tuttle Capital Management has confirmed that July 16 is the earliest possible launch date for its lineup of leveraged crypto ETFs, including a 2× BONK ETF—a move that has further fueled bullish sentiment.

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Technical Highlights

• Between 2 July at 16:00 UTC and 3 July at 15:00 UTC, BONK-USD saw a surge in buying interest, climbing from $0.0000147 to a peak of $0.0000175—a move representing a 10.4% trading range, according to CoinDesk Research’s technical analysis model.
• A sharp volume spike to 2.9 trillion shortly after midnight on 3 July established solid support around $0.0000157, while robust buying at $0.0000168 during the 05:00 UTC hour pushed prices higher despite some profit-taking later in the session.
• In the final hour of trading on 3 July, BONK-USD faced significant volatility, dropping from $0.00001666 to a session low of $0.00001619 before rebounding to $0.00001624.
• A dramatic volume surge of 86.9 trillion at 15:35 coincided with BONK hitting its low, solidifying a crucial support level. The token then rebounded, forming an ascending trendline backed by rising volumes, notably at 15:49, when a 22.5 trillion spike in volume drove prices 2.7% higher from the session bottom.

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