BONK price skyrockets 60% in a week – Memecoins are back and it’s hilarious!

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Key takeaways:

  • BONK price surged by 73% since April 22, reaching a five-month high of $0.00002167. Hold on to your hats, folks.

  • BONK’s open interest skyrocketed by 290%, reaching a mind-boggling $43.2 million. Why? Because people just can’t resist the meme magic.

Bonk (BONK), the reigning champ of Solana-based memecoins (at least the second-largest, if we’re being technical), has made a glorious comeback after beginning its recovery on April 22. BONK’s price rocketed by approximately 73% from a low of $0.00001247, peaking at a high of $0.00002167 on April 28. Who knew memecoins could still surprise us?

According to the numbers from CryptoMoon Markets Pro and TradingView, BONK was trading at $0.00001923, up 3% in the last 24 hours and a whole 60% in the past week. Someone get these traders a medal. 🎖️

BONK Image 1

And that’s not all! BONK’s trading volume jumped 98% in the last 24 hours, hitting $478 million, and its market cap briefly spiked to $1.7 billion on April 28—before settling back to $1.5 billion. The volatility is as wild as a roller coaster ride. 🎢

Now, let’s dig into the juicy details behind BONK’s meteoric rise.

Memecoins are having a comeback party!

BONK’s rally mirrors the collective joy of memecoins everywhere, as they’ve all been partying hard this week. DOGE and Shiba Inu (SHIB), the old-timers of the meme-verse, saw modest 3% and 5% bumps respectively. Meanwhile, Official Trump (TRUMP) rode high with a 73% gain, and Base’s Brett (BRETT) laughed all the way to the bank with an 83% rise. 😂

Memecoin image 2

This widespread memecoin fest has propelled the entire market cap to $55.51 billion, up a crisp 17.5% in just one week. Who would’ve thought the memecoin market could pull a rabbit out of its hat like this?

Memecoin image 3

In just seven days, over $7.96 billion in memecoin trading volume was recorded. So, yes, apparently people are throwing caution to the wind and embracing the risk with these gloriously ridiculous assets. 💸

Open Interest: The secret sauce of BONK’s rise

The surge in BONK’s price isn’t just from wishful thinking—it’s backed by a massive increase in open interest (OI). BONK’s total OI on all exchanges exploded by 290%, rising from $11 million on April 22 to a whopping $43.2 million by April 26. It’s since dropped a bit to $28 million, but still far above its sleepy levels from December 2024. In layman’s terms: traders are getting in on this meme party. 🥳

Open Interest Image 1

CoinGlass data shows traders are now favoring leveraged long positions, expecting more gains. Who wouldn’t? The futures funding rates suggest a general optimism, and let’s be real—who doesn’t love a good speculative frenzy? 😏

Funding rate image

As social chatter about BONK ramps up, FOMO (Fear Of Missing Out) is doing its thing—igniting both retail and institutional interest. According to Santiment, BONK’s social dominance spiked from 0.091% to a hefty 0.572% between April 20 and April 26. Talk about a meme taking over the internet! 📱💬

Social dominance image

This social frenzy is stoking demand, and with it, the price. The meme magic is alive and kicking. 🪄✨

BONK: Breaking the trend, and it feels so good

On April 13, BONK broke free from a painful downtrend and suddenly found itself in an uptrend faster than a cat at the sound of a can opener. It conquered the 50-day and 100-day exponential moving averages (EMAs), flipping them to support. So, is the bull run here to stay? Well, the smart money says it could be a bumpy ride toward the $0.00002410 resistance level (the 200-day SMA). If BONK closes above that, it could be off to the races toward $0.000040, which would mean a 104% increase from where we are now. 🏎️💨

Breakout Image

The Relative Strength Index (RSI) has reached 71, signaling an overbought market. It’s a classic case of too much of a good thing—get ready for a potential correction, though nothing too drastic. Don’t worry, BONK still has its shiny eyes on that sweet, sweet uptrend. 📈

“BONK’s descending trendline is now a thing of the past,” analyst World of Charts said on April 28, predicting a glorious 2x in the days ahead. We’ll see. But wait—Crypto Joe has spotted BONK breaking out of a bullish pennant formation on the 30-minute chart, targeting a price of $0.00002690. Hang on tight, folks. 💥

Bullish pennant

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2025-04-29 03:25