Trading Volume Jumps 98% During Recent Rally

TLDR

• BONK price has surged 60-73% since April 22, reaching a five-month high of $0.00002167
• Open interest on BONK futures tripled to $43.2 million, showing increased trader participation
• BONK broke out of a descending parallel channel on April 13, flipping key moving averages to support
• The rally coincides with broader memecoin market recovery, pushing total memecoin market value to $55.51 billion
• BONK’s social dominance increased from 0.091% to 0.572%, reflecting growing retail and institutional interest

Solana-based memecoin BONK (BONK) has staged a remarkable comeback, surging 60-73% over the past week. The second-largest Solana-based memecoin by market capitalization reached a five-month high of $0.00002167 on April 28.

BONK began its recovery on April 22 from lows of around $0.00001247. The price is currently around $0.00001923, representing a 60% increase over the last seven days.

Trading volume for BONK has jumped 98% in 24 hours to $478 million. Its market capitalization briefly touched $1.7 billion before settling at $1.5 billion.

This rally follows a prolonged downward trajectory since late 2024. After reaching an all-time high of $0.00005916 in November 2024, BONK entered a sustained period of decline lasting several months.

By early April 2025, BONK had dropped to lows of $0.00000885, marking an 85% decline from its all-time high.

Market-Wide Memecoin Recovery

BONK’s surge mirrors bullish price movements across the broader memecoin sector. Most memecoins have posted double-digit gains over the last week.

DOGE and Shiba Inu (SHIB) have jumped 3% and 5% respectively. Official Trump (TRUMP) has recorded 73% weekly gains, while Base’s Brett (BRETT) has rallied 83%.

This widespread rally has pushed the total memecoin market value to $55.51 billion, representing a 17.5% increase in the past week.

Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, an 85% weekly increase. The resurgence suggests investors are once again embracing risk-on assets like memecoins.

The rally coincides with growing activity across the Solana network and increased development in its decentralized finance ecosystem. As the Solana blockchain experiences renewed interest, tokens within its ecosystem, including BONK, have begun to benefit.

BONK’s open interest on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million, it remains higher than levels seen since December 2024.

Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity. Data shows increasing demand for leveraged long positions in BONK over the last few days.

BONK’s social dominance has also increased dramatically, spiking from 0.091% to 0.572% between April 20 and April 26. This surge in social media chatter reflects rising retail and institutional interest.

On April 13, BONK price broke out of a descending parallel channel, gaining strength that saw it flip the 50-day and 100-day exponential moving averages to support.

The bulls will likely continue pushing toward the resistance level at $0.00002410 (200-day SMA) in the short term. A daily close above this level could see BONK rise toward the January 19 range high near $0.000040.

The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces buyer dominance in the market. However, these overbought conditions could lead to profit-taking and a slight correction before BONK continues its uptrend.

Popular analyst World of Charts noted that BONK’s descending trendline has been cleared, expecting a 2x increase in the coming days. Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe, targeting $0.00002690.

Despite its impressive weekly gain, BONK still remains well below its all-time high from November 2024. The future trajectory will likely be influenced by the overall performance of the Solana blockchain, broader market sentiment toward memecoins, and macroeconomic factors affecting the entire cryptocurrency market.

For now, BONK’s performance demonstrates resilience in the ever-evolving digital asset landscape as it continues its recovery from early April lows.