|
Getting your Trinity Audio player ready...
|
Key Takeaways:
- Despite a 7% daily decline, BONK still boasts over 50% weekly gains.
- High open interest and funding rates show that traders are still willing to bet big.
- BONK’s performance leads a wider memecoin revival amid shifting investor sentiment.
BONK [BONK], one of the top-performing memecoins this July, has slipped nearly 7% in the past 24 hours, sparking questions among traders. However, a broader look at the chart shows a different story: BONK is still up more than 51% this week, maintaining its lead over peers like Dogecoin (DOGE) and Shiba Inu (SHIB).
Despite the pullback, indicators suggest that BONK’s rally might just be cooling off rather than ending.
BONK Futures Open Interest Signals Ongoing Trader Appetite
While BONK’s spot price declined, derivatives data tells a bullish tale. Open Interest (OI) stood at $54.7 million at press time, more than double its early July levels, reflecting sustained interest from futures traders.
This surge in OI began around July 4, coinciding with renewed risk appetite across the crypto market. Notably, BONK’s recent inclusion on Grayscale’s tracking list added further credibility to its memecoin status, potentially drawing in speculative and institutional attention alike.
High Funding Rates Hint at Bullish Sentiment—and Risk
Derivatives metrics paint a more nuanced picture of BONK’s trajectory. The funding rate has risen to 0.0329, indicating that long-position holders are paying a premium to stay in the game. Elevated funding rates suggest strong bullish sentiment—but they also imply a potentially overheated market ripe for short-term corrections.
At the same time, total derivatives volume dropped by over 41% to $929.37 million, hinting at possible exhaustion among intraday traders. The market may be catching its breath after BONK’s sharp rally.
BONK Still Leads Weekly Gains in Resurgent Memecoin Sector
BONK remains one of the top gainers among memecoins this week. Its 51% surge dwarfs DOGE and SHIB, and even newer tokens like Pudgy Penguins (PENGU) and Trump-themed coins saw notable weekly returns.
Also Read: BONK Jumps 75% as Grayscale Buzz Fuels Rally
The sustained uptrend and strong community buzz have helped BONK hold onto its momentum, even amid a broader crypto market rotation back into high-risk assets.
While volatility remains high, BONK’s strong fundamentals—at least in the memecoin sense—suggest that the hype train is still very much on track.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
