Bonk, the second largest memecoin based on Solana, has been experiencing an impressive recovery since April 22

In just one week, its value surged by 60%, climbing from $0.00001247 to an intraday high of $0.00002167 on April 28

The second-largest memecoin on Solana, Bonk, has been experiencing a remarkable recovery since April 22, with its value surging by 60% in just one week.

What Began As A Small Recovery From April 22

After a rally saw Bonk’s price surging to $0.00001247 on April 22, its value continued to soar, reaching an intraday high of $0.00002167 on April 28. This marks a 60% increase from the previous week.

To put this in perspective, the total memecoin market capitalization reached $55.51 billion, showing a 17.5% increase in one week.

This impressive surge in Bonk’s price is also indicated by the increment in trading volume, which jumped 98% in 24 hours to reach $478 million. As a result, BONK’s market capitalization briefly flirted with $1.7 billion before stabilizing around $1.5 billion.

This rapid rise of Bonk may also be linked to the increase in interest in futures contracts. According to CCChartData, BONK’s open interest (OI) exploded, rising from $11 million on April 22 to $43.2 million on April 26, showing an increase of 290%. Although this number dropped slightly to $28 million, it remains significantly higher than levels seen since December 2024, indicating that more traders are speculating on this memecoin.

Moreover, Bonk price broke a multi-month downtrend in mid-April and may continue its ascent toward a major resistance level at $0.00002410. If this threshold is crossed, BONK could target $0.000040, representing a potential 104% increase from the current level.

Overall, Bonk continues to surprise investors and remains at the center of attention in the memecoin market after the temporary crash. With strong futures activity, rising market capitalization, and a general resurgence of memecoins, BONK seems set to continue its upward trajectory in the coming days.