BONK, the popular Solana-based memecoin, faced heightened volatility between July 21 and July 22, registering a price range between $0.0000328 and $0.0000358 — an 8% intraday swing. Despite closing the 24-hour period down by 4%, BONK showed notable strength by defending the critical support level at $0.000033, backed by surging trading volume.
Over 100 billion BONK tokens were traded during the support test, signaling strong buyer presence at lower price levels.
Institutional Activity Boosts Sentiment
Investor attention intensified following a significant move by Galaxy Digital, which transferred $11.4 million worth of BONK to Binance after amassing a $30 million position. This transfer came alongside Binance’s decision to remove BONK’s “Seed Tag”, a label often assigned to higher-risk tokens.
The tag removal is viewed as a sign of growing institutional confidence in BONK’s liquidity, utility, and long-term stability.
These actions suggest that major financial entities are beginning to treat BONK not just as a speculative asset, but as a memecoin with ecosystem utility and adoption.
BonkFun Platform Continues to Lead in Fees
Meanwhile, BonkFun, the launchpad platform behind BONK, reported $19.3 million in fees for the second consecutive week — underscoring its dominance in the memecoin infrastructure sector.
Sustained fee generation confirms BonkFun’s leadership among memecoin platforms, attracting both retail and institutional users.
Technical Outlook: BONK Signals Market Strength
Trading range: $0.0000328 to $0.0000358 (8% spread)
Support level: Firm buying interest at $0.000033
Volume: Over 100 billion tokens traded during tests of support
Recovery push: Brief rally from $0.000034 to $0.000036
The price action and volume profile reflect healthy market structure and the potential for recovery if sentiment remains strong.
BONK’s ability to withstand market swings, while attracting institutional interest and maintaining high platform engagement, paints a bullish short-term technical picture despite recent declines. Continued resilience at current levels could set the stage for further gains as crypto market confidence improves.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
