Bonk Price News: BONK Could Rise by 50% as LetsBonk Overthrows Pump.fun

Bonk (BONK) has gone up by 10% in the past 24 hours during a day when most cryptocurrencies are experiencing steep pullbacks.

The largest asset in the Solana ecosystem has booked 30-day gains of 158% amid the rising popularity of LetsBonk (Bonk.fun) – a platform to mint and launch meme coins that competes directly with Pump.fun.

This solution has attracted significant interest from investors and it contributes directly to shrinking the token’s supply and further fuels its marketing efforts.

Bonk.fun Fee Revenues Explode by 215% in July

Data from the protocol’s official website shows that, in July alone, it has generated more than $30 million in fees. Half of those proceeds are used directly to buy $BONK at the current market price and burn it.

Expressed in SOL, fee revenue has increased by 215% this month and has been growing exponentially since the platform came online in April this year.

Tokens Launched on Solana Daily – Source: The Block

On-chain data also shows that LetsBonk has overtaken Pump.fun in terms of market share, now amassing more than 64% of Solana’s token minting volumes according to a recent article from The Block.

As a result, Pump.fun’s share has dropped from a record of 90% in this market to just 24% amid rising competition not just from LetsBonk but also from Launch Labs – Raydium’s recently launched meme coin minting solution.

The result of this tectonic shift has been a big drop in the price of Pump.fun’s native asset – $PUMP – following a successful initial coin offering (ICO).

BONK Could Reach a New All-Time High If This Happens

Data from CoinMarketCap indicates that the token has dropped by 51.8% in the past 30 days – a remarkable 210% performance gap when compared to BONK’s latest stellar gains.

As Bonk seems determined to dominate the Solana meme coin space, the price chart shows that the token has entered a stage of consolidation following a big rally that pushed it from $0.000022 to a local peak of $0.000040.

Bonk is still 38% away from its all-time high of $0.00005916 from November 2024. Market participants could be eyeing this threshold.

With a market cap of $2.85 billion, if around $25 million worth of BONK is burned every month, it means that nearly 1% of the token’s circulating supply will be taken out every 30 days or so.

This has a positive impact on the price action as it reduces the token’s available supply and forces upward momentum.

BONK/USD 4-Hour Chart (Coinbase) – Source: TradingView

The latest price action in the 4-hour chart has formed a bullish flag. This is a continuation pattern that could result in significant gains in the near term if a breakout is confirmed.

The Relative Strength Index (RSI) confirms this consolidation pattern as it has been behaving erratically over the past few days. Similarly, the 9-day and 21-day exponential moving averages (EMAs) have been compressed to a tight range.

To confirm a breakout, the price would have to rise above the $0.000040 mark, with strong volumes preferably.

The pole size is often used to estimate the upside potential that could result from a bullish breakout. In this case, the previous rally delivered a 90% gain.

Using a more conservative 50% estimate, we could see BONK rising to $0.00005700 over the next few weeks – thus surpassing its all-time high.