u.today 01 October 2024 16:37, UTC

Bulls have returned to the Bonk (BONK) market today as the meme coin has triggered a strong upward rally. From its price to key metrics, BONK is witnessing a massive increase in multiple things, and the community is rejoicing in it. Moreover, it is likely that this bullish sentiment is going to prevail and a more sustained price rally will be established.

As per CoinGlass data, the trading volume of BONK has surged 36.8% in the last 24 hours. It is currently standing at the $778.9 million range. This is a crucial development as it means that trading activity has witnessed an intense increase, and more investors are jumping on the Bonk bandwagon. It also shows rising investor confidence and interest in the popular meme coin.

Another metric goes bullish

Along with it, the Open Interest (OI) of BONK has jumped 19% during the same period. It has reached the astonishing level of $332.7 million. This is yet another positive development for the Solana⁠⁠⁠⁠⁠⁠⁠-based meme coin. This surge in OI suggests that the number of open positions, or contracts, have increased.

Investors are opening more positions for BONK, as they are showing great interest in the coin. The rising trading activity coupled with increasing OI are two strong bullish indicators for Bonk coin. They hint toward a potential price breakout that can take the meme coin to the next highs, potentially achieving new all-time highs.

Bonk price rallies

The price of BONK, as of writing time, is trading at $0.00002604. It has witnessed a massive surge of 10.91% over the past 24 hours. Consequently, the market cap of the coin has surged 11.47% to a whopping $1.84 billion. This makes Bonk the 50th largest cryptocurrency on the entire market.

However, Bonk has the potential to achieve greatness. It is backed by a very active community and also gets support from Solana enthusiasts. Bonk can perform better and more consistently and follow the trajectory of top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). But let’s see how this current price rally plays out in the coming days.