{"id":387393,"date":"2024-04-27T06:30:51","date_gmt":"2024-04-27T01:00:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=387393"},"modified":"2024-04-26T17:28:18","modified_gmt":"2024-04-26T11:58:18","slug":"bonk-rally-whats-behind-the-83-pump-over-the-week","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bonk-rally-whats-behind-the-83-pump-over-the-week\/","title":{"rendered":"BONK&#8217;s price rally &#8211; Explaining its 83% pump over the week"},"content":{"rendered":"<ul>\n<li><em>The ongoing rally might have been spurred by a massive token burn program.<\/em><\/li>\n<li><em>Most discussions around the meme coin on social media were positive.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bonk-coin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bonk [BONK]<\/a>, the first dog-themed memecoin on the <a href=\"http:\/\/ambcrypto.com\/predictions\/solana-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Solana [SOL]<\/a> network, continued to defy the broader market pullback. According to <a href=\"https:\/\/coinmarketcap.com\/gainers-losers\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, the crypto lifted 12% in the last 24 hours, becoming the second-highest gainer in the market.<\/p>\n<p>Moreover, It was the best performing asset over the last week, recording gains more than 83%.<\/p>\n<p>The speculation has resulted in a sharp increase in daily trading volumes, hitting levels last seen more than a month ago, AMBCrypto noted using Santiment&#8217;s data.<\/p>\n<figure id=\"attachment_387423\" aria-describedby=\"caption-attachment-387423\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume.png\"><img decoding=\"async\" class=\"wp-image-387423 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume.png\" alt=\"BONK trading volume\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-trading-volume-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-387423\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<h4>What is driving BONK?<\/h4>\n<p>The ongoing rally might have been spurred by a proposal by the BONK DAO to burn nearly 280 billion BONK tokens from its treasury, and its subsequent <a href=\"https:\/\/x.com\/bonk_dao\/status\/1782977521807724550\" target=\"_blank\" rel=\"noopener\">passage<\/a>.<\/p>\n<p>Token burning has become one of the most sought-after events in the crypto industry over the year. Several projects look for ways to apply deflationary pressure on the coin by permanently removing a portion of its supply.<\/p>\n<p>Anticipating a price increase for BONK due to the supply shock, many users might have been tempted to grab the coin.<\/p>\n<h4>Market optimistic about BONK<\/h4>\n<p>The optimism was also apparent in the way the futures traders were betting on BONK. The number of traders longing the coin rose sharply over the week, and exceeded the number of shorts as of this writing, as per AMBCrypto&#8217;s analysis of Coinglass&#8217; data.<\/p>\n<figure id=\"attachment_387425\" aria-describedby=\"caption-attachment-387425\" style=\"width: 1105px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short.jpg\"><img decoding=\"async\" class=\"wp-image-387425 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short.jpg\" alt=\"BONK Long\/Shorts Ratio\" width=\"1105\" height=\"294\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short.jpg 1105w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short-300x80.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short-1024x272.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-long-short-768x204.jpg 768w\" sizes=\"(max-width: 1105px) 100vw, 1105px\" \/><\/a><figcaption id=\"caption-attachment-387425\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BONK\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p>BONK&#8217;s pump also made it a talking point in some of the top crypto-focused social channels, including the ones on Telegram, Reddit, and Discord.<\/p>\n<p>Most of the discussions on these forums were optimistic on the coin&#8217;s prospects, as explained by the positive weighted sentiment indicator.<\/p>\n<figure id=\"attachment_387428\" aria-describedby=\"caption-attachment-387428\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment.png\"><img decoding=\"async\" class=\"size-full wp-image-387428\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment.png\" alt=\"BONK market sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/bonk-market-sentiment-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-387428\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p style=\"text-align: center;\">\n","protected":false},"excerpt":{"rendered":"<p>BONK was the best performing crypto over the last week, recording gains more than 83%.<\/p>\n","protected":false},"author":80,"featured_media":387412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6389,5824,66,3,4,20],"tags":[],"class_list":["post-387393","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bonk-coin-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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