- BONK’s breakout rally was fueled by ETF speculation and growing momentum across Solana’s staking and DeFi ecosystem.
- BONK DAO treasury strengthens as 17,599 Saga allocations were claimed and unclaimed tokens revert to the community vault.
BONK is back in the spotlight in the crypto market after recording a surge of more than 20% in the last 24 hours. This rally is not only the result of technical movements alone, but also triggered by hot speculation around the 2x Long BONK ETF re-submitted by Tuttle Capital on July 1.
Although there has been no green light from the SEC, the applicable rules provide an effective date of July 16. It is only natural that the market has started to react faster than usual—especially in the memecoin sector which is known to change direction quickly.
However, it is not only the ETF news that has made BONK even more excited. Technically, the price of this token had jumped from $0.0000136 to $0.00001524 before being slightly corrected again in the range of $0.00001494.
The breakout from the resistance level of $0.0000144 attracted attention, although the short-term head-and-shoulders pattern on the chart gave rise to a healthy correction to the support area of $0.0000142. The 7-day RSI indicator, which is still at 63.3, also provides additional room for those chasing momentum, without worrying too much about overbought conditions.
Derivatives Surge and DAO Boost Add Fuel to BONK’s Momentum
Interestingly, this price spike is also accompanied by an extraordinary spike in the derivatives market. According to CoinGlass data, BONK derivative trading volume skyrocketed by 185.72% in the past day, reaching $70.41 million. This means that more and more traders are joining in on short-term speculation by taking advantage of BONK’s increasingly heated volatility.
On the other hand, open interest for active futures contracts also rose 42.88%, now reaching $15.87 million—indicating that many positions are still open and the rally has not lost its appeal.
Furthermore, the BONK community received important news from the token distribution side. The token exchange program via Solana’s Saga mobile phone will end on July 31. Of the total 20,000 allocations, 17,599 have been claimed. The rest, which is not exchanged, will go back into the DAO treasury.
This isn’t bad news—quite the opposite. The extra funds in the DAO can help bolster the project’s liquidity and reduce selling pressure from unused tokens. As a bonus, this strategy also coincides with the launch of Solana’s new phone, the “Seeker,” which will likely spark a wave of new user interest.
From Validators to Digital Art, Expansion Beyond Memes Takes Shape
In another development, BONK is getting serious about building bridges between the memecoin world and the Solana ecosystem. In May, as we covered, they shared validator nodes with DeFi Development Corp (DFDV), a collaboration that brings together institutional support and the memecoin community.
This move isn’t just about reputation—it’s also about strengthening the Solana staking network, while also expanding the BONK token’s exposure and adoption in the DeFi space.
Beyond the technical scene, BONK is also showing ambition to step outside its memecoin comfort zone. In March, CNF reported that Bonk Inu had acquired Exchange Art, one of the leading digital art marketplaces on the Solana blockchain.
As part of the deal, digital artist JT Liss has been named the new head of Exchange Art. Liss is known for his progressive approach to digital art, and he is believed to be able to take the platform in a bolder direction—for both artists and collectors.
