Bonk Sees 73% Weekly Rally Amid Rising Speculation and Social Buzz

Solana-based memecoin Bonk (BONK) has staged an impressive recovery, soaring nearly 73% from its April 22 low to touch a local high of $0.00002167 on April 28. As of now, BONK is changing hands at $0.00001923, marking a solid 60% weekly gain that has reignited interest across retail and institutional circles alike. This resurgence in price comes amid a broader rally in the memecoin sector. Over the last week, major players like Dogecoin and Shiba Inu have posted modest gains of 3% and 5% respectively, but tokens like Official Trump (TRUMP) have surged by 73% . Bonk’s latest leap appears well in line with this renewed enthusiasm for risk-on assets, as the total memecoin market capitalization now stands at $55.5 billion, up 17.5% in just seven days. Speculation Surges with Soaring Open Interest A closer look at BONK’s market activity reveals that the rally is being backed by growing speculative interest. Open interest (OI) in BONK futures shot up by 290% between April 22 and April 26, jumping from $11 million to over $43 million. Although OI has since cooled to $28 million, the numbers still reflect a significant uptick in trader engagement compared to previous months. CoinGlass data indicates that leveraged long positions are piling up, as seen in the rising OI-weighted funding rate. Higher funding rates typically signal bullish sentiment among futures traders who expect prices to climb further. Such dynamics hint that BONK’s uptrend could have more fuel left in the tank, especially if broader market sentiment remains positive. Community Chatter Adds to Bonk Upside Pressure At the same time, Bonk’s trading volume has exploded—up 98% in the last 24 hours to reach $478 million. Market capitalization briefly touched $1.7 billion on April 28 before pulling back to $1.5 billion, suggesting a healthy inflow of capital and trader activity. Another key driver behind BONK’s rally is its swelling social presence. According to data from Santiment, BONK’s social dominance jumped from 0.091% to 0.572% in just six days, indicating a surge in online mentions and discussion. This rising chatter, combined with bullish price action, has helped amplify FOMO across the crypto community . The post Bonk Sees 73% Weekly Rally Amid Rising Speculation and Social Buzz appeared first on TheCoinrise.com .

Source: The Coin Rise