Smart Money Bets on $BONK: 63% Weekly Gainer Eyes $0.000039 High as Retail Hype Returns

$BONK popped 6.5% to $0.00002045 on May 21 as Bitcoin’s record run ignited a memecoin stampede across Solana.

Despite a 12.4% dip over the past week, $BONK has surged 63.79% in the last month and boasts an 18,548% increase since its launch during the depths of the 2022 bear market, just after the FTX collapse, when sentiment around crypto was at its lowest.

Today, $BONK has climbed the ranks to become the fifth-largest memecoin by market cap, surpassing projects like $FARTCOIN, $WIF, and $FLOKI.

With a market capitalization of $1.6 billion, many $BONK holders view the current consolidation as a setup for another breakout, potentially retesting its all-time high of $0.00005916, around 65.69% above current levels.

A trader on X recently called any pullback at this level “a gift,” echoing broader sentiment among investors.

On-chain data also supports this narrative. A whale investor recently allocated $682,000 of a $5 million meme coin portfolio to $BONK, acquiring 33.8 billion tokens.

According to Stalkchain, $BONK has been the most purchased token over the past three days, outpacing $GOAT, $MOODENG, and $GRASS.

$BONK (@bonk_inu) is the most bought token by smart money over the past 3 days according to Stalkchain. pic.twitter.com/z7SqAvModd

Meanwhile, $BONK’s ecosystem continues to grow. The team has secured a MainStage sponsorship at the upcoming Solana Accelerate conference.

In another milestone, DeFi Dev Corp launched the first public company memecoin validator on Solana in collaboration with $BONK.

The project also gained cultural exposure through the Ridge Hotel Mural Project, featuring work by renowned artist Jeff Henriquez, known for his iconic Borussia Dortmund mural.

Go check out the Murals at 151 E Houston and scan the QR codes

Keep your eyes peeled for a chance to win @BVB merch soon too… https://t.co/glVV8VXUkf

Adding to the momentum, $BONK recently launched “Miss BONK Vegas,” a competition to crown the first Miss BONK on June 11 during Bitcoin Vegas, further boosting its visibility and community engagement.

These developments appear to be reflected on-chain, with $BONK approaching the 1 million holder mark.

After ranging between approximately 0.00000850 and 0.00001350 $USDT for nearly two months, $BONK decisively broke above this consolidation zone in early May.

At press time, $BONK trades around $0.00002079, representing a 3.85% increase on the day.

The chart includes a measured move projection suggesting a potential price target of approximately 0.00003973 $USDT.

This target represents a gain of over 159% from the breakout level and aligns with a historical resistance area from late 2024.

If this bullish momentum continues, the price could approach this target in the short to mid-term.

Supporting the bullish case is the Relative Strength Index (RSI), currently at 55.81 with a moving average of 60.84. The RSI remains in neutral-to-bullish territory, indicating that the asset is not yet overbought and still has room for upward movement.

Key support levels to watch include the former resistance zone near 0.00001300–0.00001500 $USDT, which is now expected to act as support.

A deeper retracement could find buyers near the lower consolidation band around $0.00000850–$0.00000900.

On the upside, the major resistance lies at the projected target of $0.00003973, with a broader supply zone identified between $0.00004500 and $0.00005500, where prior sell pressure may re-emerge.

The post Smart Money Bets on $BONK: 63% Weekly Gainer Eyes $0.000039 High as Retail Hype Returns appeared first on Cryptonews.