BONK news: Here’s why a short-term dip won’t stop its 51% rally

Journalist

Key takeaways

BONK may have dropped 7% in a day, but it’s still one of the top-performing memecoins this week, with over 50% gains. While some short-term traders may be cooling off, strong Open Interest and rising Funding Rates show that many investors are still betting on BONK’s momentum.

Bonk [BONK] slipped nearly 7% from yesterday’s highs, raising eyebrows across the trading floor.

But zoom out, and the picture is still remarkably bullish. Weekly gains remain impressive, suggesting this may be less of a reversal and more of a healthy breather.

So, is the BONK hype train still on track?

BONK: Traders aren’t quite done yet

Despite its 7% 24h slip, BONK’s Futures market was telling a different story.

Open interest (OI) was at $54.7 million at press time; still significantly elevated from early July levels and more than double what it was just two weeks ago.

The chart showed a steep climb in both price and open interest beginning around the 4th of July, showing renewed risk appetite among traders.

This spike came alongside improving sentiment in the broader crypto market and BONK’s recent addition to Grayscale’s tracking list – an institutional nod that some interpret as early validation.

Funding Rate heats up, but derivatives volume cools