![](\"http:\/\/www.thebusinesschain.com\/wp-content\/uploads\/2025\/04\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjdkNjYtODY4My03NGVlLWI2NmUtNDYzNGUyNDhlYjIx.jpg\")
<\/p>\n<\/p>\n<\/p>\n<\/p>\n
<\/p>\n
Key takeaways:<\/strong><\/p>\n BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.<\/p>\n<\/li>\n BONK’s open interest surged 290% to $43.2 million. <\/p>\n<\/li>\n<\/ul>\n Bonk (BONK<\/a>), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.<\/p>\n BONK’s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.<\/p>\n Let’s examine the factors that have fueled BONK’s price momentum over the last week.<\/p>\n BONK’s rally over the last seven days mirrors the bullish price movements across the broader crypto market,<\/a> including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB<\/a>), the leading memecoins<\/a>, have jumped 3% and 5% over the last seven days. <\/p>\n Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT<\/a>) has rallied 83% over the same period. <\/p>\n This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.<\/p>\n Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.<\/p>\n The surge in the price of Bonk over the last seven days comes after a significant jump in its open interest<\/a> (OI). <\/p>\n BONK’s total OI 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 at the time of writing, it remains significantly higher than the OI seen since December 2024.<\/p>\n Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.<\/p>\n Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.<\/p>\n Increasing funding rates<\/a> usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.<\/p>\n BONK’s social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz. <\/p>\n This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.<\/p>\n On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support. <\/p>\n The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.<\/p>\n The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market. <\/p>\n However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend. <\/p>\n “$BONK’s descending trendline got cleared,” declared<\/a> popular analyst World of Charts in an April 28 post on X, “expecting 2x in the coming days.”<\/p>\n Meanwhile, Crypto Joe spotted<\/a> BONK breaking out of a bullish pennant in the 30-minute time frame, targeting $0.00002690.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n","protected":false},"excerpt":{"rendered":" Key takeaways: BONK price is up 73% since April 22, hitting a five-month high of $0.00002167. BONK’s open interest surged 290% to $43.2 million. Bonk (BONK), the second-largest Solana-based memecoin<\/p>\n\n
Memecoins recover across the board<\/h2>\n
Increasing open interest backs BONK’s rally<\/h2>\n
BONK breaks out of a multimonth downtrend<\/h2>\n