Key takeaways
BONK may have dropped 7% in a day, but it’s still one of the top-performing memecoins this week, with over 50% gains. While some short-term traders may be cooling off, strong Open Interest and rising Funding Rates show that many investors are still betting on BONK’s momentum.
Bonk [BONK] slipped nearly 7% from yesterday’s highs, raising eyebrows across the trading floor.
But zoom out, and the picture is still remarkably bullish. Weekly gains remain impressive, suggesting this may be less of a reversal and more of a healthy breather.
Source: CoinMarketCap
So, is the BONK hype train still on track?
BONK: Traders aren’t quite done yet
Despite its 7% 24h slip, BONK’s Futures market was telling a different story.
Open interest (OI) was at $54.7 million at press time; still significantly elevated from early July levels and more than double what it was just two weeks ago.
Source: CoinGlass
The chart showed a steep climb in both price and open interest beginning around the 4th of July, showing renewed risk appetite among traders.
This spike came alongside improving sentiment in the broader crypto market and BONK’s recent addition to Grayscale’s tracking list – an institutional nod that some interpret as early validation.
Funding Rate heats up, but derivatives volume cools
While BONK’s OI remained strong, other derivative metrics show a more mixed picture.
Funding Rates have surged to 0.0329, at press time – still elevated, though slightly down from recent highs – indicating that long traders are paying a premium to stay in position.
Source: Coinalyze
This suggests continued bullish sentiment, but it’s also a sign of overheated conditions that could invite short-term volatility.
Meanwhile, Total Derivatives Volume dropped by over 41% to $929.37 million in the past 24 hours, hinting at some exhaustion among intraday traders.
In short, the momentum is alive, but it’s getting more expensive to ride the wave.
BONK still leads weekly gains as memecoins stage a comeback
It’s been a strong week across the memecoin board. BONK surged over 51% in seven days, outperforming heavyweights like Dogecoin [DOGE] and Shiba Inu [SHIB].
Even newer entrants like Pudgy Penguins [PENGU] and Official Trump [TRUMP] tokens posted over 50% and 4.5% weekly gains respectively, showing renewed speculative interest.
Source: CoinMarketCap
Despite BONK’s daily dip, its chart reflects a steep and sustained uptrend, suggesting it still commands the narrative.
With capital rotating back into high-risk assets, memecoins are once again proving to be early beneficiaries of sentiment shifts, particularly those with strong community backing and fresh catalysts.