Meme Coin BONK Gains Institutional Credibility as “Seed Tag” Is Removed
BONK, the Solana-based meme token, surged by 4% on July 21 after Binance officially removed its “Seed Tag,” a label typically reserved for high-risk projects. This move fueled optimism among traders, pushing BONK to an intraday high of $0.000037 before a round of profit-taking trimmed gains, closing the session near $0.00003492 with a modest +1.3% net gain.
Binance’s reclassification is seen as a signal of increased maturity, reducing regulatory risk and paving the way for greater institutional interest.
Volume Spikes to 3.19 Trillion Tokens as BONK Hits Resistance
The rally between 06:00 and 13:00 UTC saw BONK break above $0.000034 and challenge the resistance zone at $0.000037, where it faced heavy sell-side pressure. Trading volume peaked at 3.19 trillion tokens, indicating strong speculative interest.
One single 15:32 UTC candle saw 73 billion tokens change hands—marking the height of profit-taking near session highs.
According to CoinDesk data, BONK experienced 14% intraday volatility, trading within a wide $0.000045 range, with higher lows suggesting structural strength and ongoing accumulation below $0.000035.
Support Zone at $0.0000345–$0.000035 Now in Focus
Despite the late-day dip, BONK’s technical setup remains intact. Analysts are watching the $0.0000345–$0.000035 support zone closely. A bounce from this level could trigger another breakout attempt, especially if renewed volume enters the market.
Binance’s upgrade reduces BONK’s risk classification, improving its status among altcoins and potentially setting the stage for further upside.
The sentiment boost also comes as meme coins continue to see increased traction, particularly on the Solana blockchain, which has become a hub for high-throughput, low-fee token activity.
Can BONK Maintain Momentum?
While the short-term chart shows signs of distribution at higher levels, the reclassification by Binance may mark a longer-term turning point for BONK’s legitimacy. Traders will now be watching whether the meme token can hold current support and build fresh bullish momentum.
Should volume return above $0.000035 with institutional interest growing, BONK may yet break above the $0.000037 ceiling.
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.