Bonk continues to defy the broader crypto market by maintaining strong upward momentum through a mix of strong factors. In the recent 24 hours, Bonk saw a rise of 8.59% in its price, surprising many in the process of neutral sentiment on the market.
Over the past week, a much better form was shown by Bonk by rising 34.03% in weekly movement. Traders and investors are noticing rising action due to this frequent increase in price on a few different timeframes.
At the time of writing, the current price of Bonk is $0.00001823, with a 24-hour trading volume of $586.86 million. Trading volume is a sharp 34% increase, and it is a pointer to increased enthusiasm and activity by both retail and institutional investors.
Long-term investors and new buyers are showing considerable confidence, with Bonk’s market capitalization registering $1.46 billion. Some of these effective catalysts were responsible for Bonk’s current bullish run and upbeat sentiment throughout this month.
Among them is the potential launch of a 2x leveraged BONK ETF scheduled to be released approximately on July 16 subject to approval. Expectations for this product have attracted much curiosity among market entities looking to get involved with increased exposure.
Major exchange listings increase Bonk access
In addition to this, Bonk is also heading towards another milestone of having one million unique wallet holders. Upon crossing this level, the network will initiate a massive burn of a combined total of one trillion BONK coins off of circulation.
Supply cut of this kind could push the price further higher by adding to scarcity in the market. Bonk has also found a place on major world trading platforms like Binance, Robinhood, Coinbase, and Upbit.
Such increased access has increased liquidity while also attracting a new set of buyers to the network. Price evolution is also supported by the BonkFun project by regular buy-and-burn events facilitated by protocol-based fees.
ZAYK Charts is a well-known crypto analyst and recently presented some solid technical evidence for Bonk’s recent breakout. Based on his analysis, Bonk has moved past a long-term daily chart trendline on increased volume.
Such a bullish breakout could see the price reach around the $0.000024 to $0.000025 zone. Market watchers remain cautious but optimistic, with some monitoring for a possible retest before the next major rally.
