BONK Rises 9.87% Amid Proposed 2x Long ETF Developments
On July 2, BONK (https://holder.io/coins/bonk/) increased by 9.87% to $0.00001494, continuing recent gains in the Solana meme token sector. This rise follows attention on Tuttle Capital’s proposed 2x Long BONK ETF, which has progressed but is not yet approved.
Key details include:
- Tuttle Capital filed for leveraged ETFs on January 27, including a 2x Long BONK product.
- A post-effective amendment was submitted on July 1, indicating potential activation no sooner than July 16, pending regulatory approval.
- The filing includes similar funds for SOL, TRUMP, MELANIA, XRP, ADA, and LTC.
- BONK developers announced the end of the Saga phone token redemption program on July 31, with 17,599 of 20,000 allocations claimed.
- Unclaimed tokens will be returned to the BONK DAO for future development.
- DeFi Development Corp joined the Solana network as a validator, enhancing decentralization and infrastructure.
- The network now features over 350 on-chain integrations, increasing BONK's visibility in DeFi and Web3.
Technical Analysis Highlights
- BONK rose from $0.0000136 to a peak of $0.00001524, closing at $0.00001494.
- Resistance at $0.0000144 was broken with a trading volume of 1.38 trillion.
- A head-and-shoulders pattern formed, indicating potential price exhaustion.
- A breakdown below $0.00001500 saw significant selling at 73.9 billion in volume.
- Current support is around $0.0000142, supported by high-volume buying earlier.
- Volatility and volume remain high, indicating ongoing speculation.