The crypto world is buzzing again as Solana’s memecoins stage a fierce comeback, led by BONK’s jaw-dropping 60% weekly rally. With prices hitting five-month highs and trading volumes doubling overnight, investors are piling into speculative bets but can the momentum last?
Explosive Rally By Number
BONK, Solana’s second-largest memecoin, rocketed 73% from $0.00001247 on April 22 to
$0.00002167 by April 28. Furthermore, weekly gains hit 60%, with its market cap briefly touching $1.7 billion. Trading volumes spiked 98% in 24 hours, hitting $478 million as speculators rushed in.
Analysts link this surge to a tripling of futures open interest, which soared 290% to $43.2 million last week. Despite a slight dip to $28 million, open interest remains far above December 2024 levels, a sign traders aren’t backing down yet.
Memecoins Reclaim the Spotlight
BONK isn’t alone. The broader memecoin market surged 17.5% in a week, hitting $55.51 billion. Dogecoin and Shiba Inu edged up 3% and 5%, while Trump-themed tokens and Base’s Brett skyrocketed 73% and 83%, respectively.
Risk appetite is clearly back. Over $7.96 billion poured into memecoins in seven days, an 85% weekly jump. “Investors are chasing high-volatility plays,” noted one trader. “When Bitcoin stabilises, memecoins steal the show.”
Open Interest Spike: A Vote of Confidence?
BONK’s rally gained steam as open interest, a measure of active futures contracts, tripled. Rising OI often signals fresh money entering the market. Funding rates also turned positive, showing traders are paying premiums to hold bullish positions.
However, some caution emerged. Open interest dipped to $28 million after peaking, hinting at profit-taking. Still, levels remain 154% higher than April’s lows. “This isn’t just a pump-and-dump,” argued a derivatives analyst. “The base has widened.”
Breaking Free
On April 13, BONK broke out of a five-month downtrend, flipping critical moving averages into support. Bulls now eye $0.00002410, the 200-day SMA. A close above this level could propel prices toward $0.000040, a 104% leap.
Technical indicators flash mixed signals. The RSI hit 71, signalling overbought conditions. Yet, analysts like World of Charts predict a “2x surge” post-breakout. At the time a bullish pennant spotted on 30-minute charts suggests a short-term target of $0.00002690.
Community Hype and Whale Moves
Social media erupted as BONK’s social dominance jumped 528% in six days. Sentiment data shows mentions spiking from 0.091% to 0.572%, fuelled by ecosystem updates and token burns. Whales piled in too, snapping up 1.5 billion tokens.
Notably, BONKDAO burnt $4 million worth of tokens, with plans to incinerate 1 trillion more, slashing supply and boosting scarcity. “Burns plus social FOMO create rocket fuel,” tweeted Crypto Joe.
Can the Rally Survive?
Despite the euphoria, challenges persist. BONK remains 64% below its all-time high, and rivals like PENGU threaten its dominance. PENGU’s $2 billion cap overshadows BONK’s $1.68 billion.
Volatility is another concern. BONK crashed 76% earlier this year, and overbought RSI levels hint at corrections. Support at $0.0000134 must hold to avoid a nosedive. “Memecoins move fast,” warned a strategist. “Always have an exit plan.”
What’s Next for BONK and Solana?
Optimists see BONK hitting $0.000050 if Solana’s SOL climbs to $200. Long-term forecasts even suggest $0.00079 by 2030. Ecosystem growth helps BONK now integrate with 350+ Solana dApps, from games to DeFi platforms.
Yet, macro risks linger. Fed rate cuts and U.S. election uncertainty could swing markets overnight. For now, traders ride the wave, swapping BONK on Coinbase, Bitget, and Solana DEXs. As one Reddit user put it, “Memecoins are casinos. Enjoy the rush but don’t bet the house.”
BONK’s revival mirrors crypto’s risk-on revival, blending social hype, technical breaks, and shrewd tokenomics. While the path ahead is rocky, Solana’s memecoin mania proves one thing: in crypto, no trend ever truly dies; it just reloads.
