BONK Skyrockets 109% as Broader Crypto Rally Loses Steam – What’s Fueling This Memecoin’s Insane Surge?

While the broader cryptocurrency market shows signs of fatigue, one memecoin is defying gravity with a jaw-dropping rally.

BONK, the Solana-based dog-themed token, has ripped 109% higher this week as traders chase the next big meme narrative. Meanwhile, Bitcoin and Ethereum struggle to hold key support levels.

What’s driving the frenzy? A perfect storm of speculative liquidity, exchange listings, and that classic crypto formula: irrational exuberance mixed with FOMO. Wall Street analysts would call it ‘price discovery’ – crypto natives know it as another Tuesday.

As the smart money quietly accumulates BTC at these levels, retail traders are YOLO-ing into memecoins. Some things never change in crypto – except maybe which dog token is barking loudest this week.

Will BONK’s Rally Outshine The Larger Market Upswing?

It appears BONK has yet to face a dip, while other assets are already in a downtrend. The project’s “memecoin” status may have something to do with its performance pivoting from the larger market. Memecoins are heavily subject to speculation. Online buzz plays a large role in the price swings of meme tokens.

BONK’s rally is likely due to the team announcing a 1 trillion token burn when the asset hits 1 million holders. The MOVE has led many to believe that the coin’s price will experience a massive surge.

BONK has about 77 trillion tokens in circulation. If one trillion is removed, it will have about 76 trillion in supply. The figure is still quite large. The HYPE around the burn may lead to a more significant price surge than the actual burn itself.

There is a high chance that investors will book profits soon. Such a scenario may lead to a massive sell-off. BONK could face a big correction under such circumstances. The crypto market is also losing substantial steam at the moment. Bitcoin’s (BTC) correction could lead to other assets following suit.

How BONK’s price behaves over the coming weeks is yet to be seen.