Solana-based memecoin BONK has skyrocketed more than 20% in 24 hours, fueled by renewed ETF speculation and strengthening fundamentals within Solana's ecosystem. The rally follows Tuttle Capital's July 1 re-filing of a 2x Long BONK ETF application with the SEC, which could launch as early as July 16 under current regulations. Technical indicators show BONK breaking past the $0.0000144 resistance level before stabilizing around $0.00001494, with a 7-day RSI of 63.3 suggesting room for further growth.
Derivatives markets mirrored the frenzy, with BONK futures volume exploding 185.72% to $70.41 million and open interest rising 42.88% to $15.87 million. Spot net inflows surged over 100% to $1.68 million, while a positive 0.0085% funding rate indicates dominant long positions. Simultaneously, the BONK DAO treasury strengthened as 17,599 of 20,000 Saga phone token allocations were claimed, with unclaimed tokens reverting to community vaults – reducing sell pressure and bolstering liquidity.
Beyond speculation, BONK continues expanding its utility through Solana ecosystem integrations. Recent collaborations include validator node partnerships with DeFi Development Corp and the acquisition of digital art marketplace Exchange Art, now led by progressive artist JT Liss. These developments coincide with Solana's upcoming 'Seeker' phone launch, potentially driving new user adoption.