As Crypto Markets Surge, BONK Dominates Memecoins and Closes In on 1 Million Holders

The Solana-based memecoin BONK has experienced a sharp rise in trading volume, hitting 2.9 trillion units, driven by rumors of an upcoming exchange-traded fund (ETF) and an anticipated token burn.

With bitcoin trading close to a new record high at $108,018.70, BONK has emerged as a standout performer, leading the charge in the altcoin rally.

The recent surge in BONK reflects renewed investor interest in riskier assets, especially as bitcoin rebounds above the significant $110,000 level—a move that has lifted prices across the crypto market.

Analysts are maintaining a positive outlook on BONK, pointing to plenty of room for additional gains.

Supporting the bullish momentum, the BONK Foundation’s platform, LetsBONK.fun, recently overtook competitor Pump.fun in daily trading volume, marking a 126% increase. This development is significant for BONK investors, since half of LetsBONK.fun’s revenue goes toward buying and burning BONK tokens, adding upward pressure on prices in an already enthusiastic market. Traders are also closely watching the proposed burn of one trillion BONK tokens once the project reaches its milestone of one million holders.

Adding fuel to the optimism, Tuttle Capital Management has confirmed that its series of leveraged crypto ETFs—which includes a 2× BONK ETF—could launch as soon as July 16, further stoking bullish sentiment.

Technical Analysis

Between 2 July at 16:00 UTC and 3 July at 15:00 UTC, BONK-USD saw strong buying interest, moving from $0.0000147 to a peak of $0.0000175, representing a 10.4% trading range, per CoinDesk Research’s analysis.
A major spike in trading volume to 2.9 trillion shortly after midnight on 3 July established sturdy support around $0.0000157. Heavy buying at $0.0000168 during the 05:00 UTC hour helped propel prices upward, though some profit-taking capped gains later in the session.
During the final hour of trading on 3 July, BONK-USD saw significant swings, dropping from $0.00001666 to a session low of $0.00001619 before recovering to $0.00001624.
A huge volume surge of 86.9 trillion at 15:35 coincided with BONK hitting its session low, cementing a crucial support level. The token then staged a rebound, forming an ascending trendline supported by increasing volumes, especially at 15:49, when a 22.5 trillion spike pushed prices 2.7% higher from the session’s bottom.