Bonk
surged 9.87% to $0.00001494 on July 2, extending current positive factors throughout the Solana meme token house, in keeping with CoinDesk Analysis’s technical evaluation mannequin.
The transfer got here amid contemporary consideration to Tuttle Capital’s proposed 2x Lengthy BONK ETF, which has taken a procedural step ahead however stays unapproved.
Tuttle Capital initially filed a Form N-1A on Jan. 27, for a set of leveraged ETFs, together with a 2x Lengthy BONK product. On July 1, the agency submitted a post-effective amendment stating that the ETF might develop into efficient no prior to July 16. This implies the product might launch after that date, pending regulatory clearance and operational readiness. The submitting consists of comparable 2x lengthy publicity funds for different belongings, together with SOL, TRUMP, MELANIA, XRP, ADA and LTC.
This replace has rekindled investor curiosity in BONK, reflecting broader urge for food for structured meme coin publicity by way of conventional monetary devices. Nevertheless, the ETF is just not but permitted, and the July 16 date solely marks the earliest attainable activation underneath present SEC procedures.
Elsewhere, BONK builders introduced that the Saga cellphone token redemption program will formally finish on July 31. Of the 20,000 allocations, roughly 17,599 have been claimed. Unclaimed tokens will probably be returned to the BONK DAO and earmarked for future ecosystem growth. This modification coincides with the launch of the Solana Seeker cellphone, signaling a transition in Solana Cell’s machine cycle.
In the meantime, the Solana community continues to develop. DeFi Improvement Corp has joined as a validator, boosting infrastructure decentralization. The broader community has now surpassed 350 on-chain integrations, rising the visibility and utility of tokens like BONK throughout DeFi and Web3 use circumstances.
Technical Evaluation Highlights
- BONK climbed from $0.0000136 to a peak of $0.00001524, up 12.1%, earlier than closing at $0.00001494.
- Value broke via resistance at $0.0000144 throughout the 16:00 UTC hour on robust quantity of 1.38 trillion.
- A head-and-shoulders sample fashioned between 16:48 and 17:47 UTC, indicating potential exhaustion.
- Breakdown under $0.00001500 noticed heavy promoting, with 73.9 billion in quantity throughout the 17:39 candle.
- Help is now seen round $0.0000142, bolstered by high-volume shopping for throughout the 13:00 hour.
- Volatility and quantity stay elevated, suggesting continued short-term hypothesis.
Disclaimer: Components of this text have been generated with the help from AI instruments and reviewed by our editorial staff to make sure accuracy and adherence to our standards. For extra data, see CoinDesk’s full AI Policy.