BONK outpaces Bitcoin, DOGE – What’s Bonk.fun got to do with it?

Key Takeaways

BONK’s 70% rally mirrors Bonk.fun’s fee surge and token buybacks. Can long-term conviction and exchange outflows push the Solana meme beyond its April ceiling?

Bonk [BONK] has stunned the market with a 70% price jump over the past 10 sessions, outshining majors like Bitcoin and Dogecoin.

But what’s fueling this Solana-based meme coin’s momentum—and can it last?

Why is the BONK price rising?

This remarkable price uptick was potentially driven by a recent shift in overall market sentiment, a breakout above the descending trendline, and most importantly, the explosive growth of the Bonk.fun launchpad.

Over the past week, it logged six consecutive days with fees over $1 million, peaking at $1.27 million on the 11th of July, according to DeFiLlama. In total, the platform generated $7.93 million in just seven days.

Source: X (Formerly Twitter)

According to a crypto expert/influencer, 58% of these fees go toward buying back BONK—injecting steady demand, while many traders haven’t yet priced in this structural tailwind.

This isn’t Bonk.fun’s first moment.

Just days ago, AMBCrypto reported that Bonk.fun had flipped Pump.fun in daily revenue, launch volumes, and Solana-based token deployments.

At the time, Bonk.fun claimed 61% of the total 24-hour launchpad revenue—clearly cementing its lead.

However, this strong growth has already pushed the memecoin to a key level with a history of price reversals, raising concerns about a potential price decline.

BONK retests resistance with caution in the air

At press time, BONK hovered near $0.00002508, climbing over 13% in 24 hours and clocking a 160% spike in trading volume.

This notable price gain by the memecoin has even outperformed major cryptocurrencies like Bitcoin [BTC] and Dogecoin [DOGE].

Naturally, this burst of momentum has brought BONK back to a familiar battleground—the $0.00002626 resistance level.

It’s the same zone where, back in April 2025, BONK surged after breaking a descending trendline only to reverse shortly after.

This time, the memecoin has again broken out of a similar descending trendline and reached the same level, which is now raising the question whether history repeats itself this time, or it breaks through this key resistance?

Source: TradingView

Given the current market sentiment, if the ongoing momentum continues and the overall structure remains unchanged, BONK’s price could easily break out of this resistance level.

If that happens, there is a strong possibility that the price could soar by 37% and reach the $0.0000364 level. On the other hand, if it fails to break out, history may repeat itself and the price could dip again.

At press time, BONK was trading above the 200-day Exponential Moving Average (EMA), which suggests that the asset is in an uptrend.

Meanwhile, the Relative Strength Index (RSI) stood at 70, indicating that the asset has entered overbought territory, which could potentially lead to a short-term price correction if buying momentum weakens.

$1.90M tokens leave exchanges 

Despite being in overbought territory, investors and long-term holders still appear to be accumulating the meme coin.

Data from CoinGlass revealed that exchanges across the crypto landscape have recorded an outflow of over $1.88 million worth of BONK at press time, indicating potential accumulation.

Source: CoinGlass

This outflow from exchanges suggested that buying pressure from investors and long-term holders remains strong, which appears to be a bullish sign for BONK holders.