According to Coindesk Research’s technical analysis model, Bonk surged to 9.87% on July 2nd, to $0.00001494 on July 2nd, extending recent profits for the entire Solana Meme token space.
The move has brought new attention to the double-length Bonk ETF proposed by Tuttle Capital.
Tuttle Capital filed Form N-1A on January 27 for its suite of leveraged ETFs, which includes double-length BONK products. On July 1, the company submitted a post-mortem amendment that stated that the ETF could take effect sooner than July 16th. This means that the product will be launched after that date, as regulatory clearance and operational preparations are pending. The filing includes similar double long-term exposure funds for other assets, including Sol, Trump, Melania, XRP, ADA, and LTC.
This update rekindled investors’ interest in Bonk, reflecting a broader appetite for structured memecoin exposure via traditional financial products. However, the ETF has not yet been approved, and the date of July 16 marks only possible initial activations based on the current SEC procedure.
Elsewhere, Bonk developers announced that the Saga Phone Token Redemption program will officially end of 20,000 allocations on July 31st. Approximately 17,599 have been charged. Unclaimed tokens will be returned to Bonk Dao and assigned for future ecosystem development. This change coincides with the launch of the Solana Seeker Phone, indicating the Solana Mobile transition on the device cycle.
Meanwhile, the Solana network continues to grow. Defi Development Corp has joined us as a validator for increased decentralization of our infrastructure. The broader network now outweighs the 350 chain integration, increasing the visibility and usefulness of tokens like bonk across defi and web3 use cases.
Technical Analysis Highlights
- Bonk rose 12.1% from $0.0000136 to its peak at $0.00001524, closing at $0.00001494.
- The price broke the resistance at $0.0000144 with a strong volume of 1.38 trillion during the 16:00 UTC time.
- A head and shoulder pattern formed between 16:48 and 17:47 UTC indicates potential fatigue.
- In the breakdown of under $0.00001500, there was a volume of 73.9 billion between the candles at 17:39.
- Currently, support is seen at around $0.0000142, and is bolstered by a 13:00-hour bulk purchase.
- Volatility and volume remained rising, suggesting continuous short-term speculation.
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