BONK price gained 6% on July 24 following a massive 500 billion token burn, making it the only top-5 Solana memecoin trading in green despite sector-wide declin
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
2 mins read
Bonk BONK $0.000033 24h volatility: 11.3% Market cap: $2.55 B Vol. 24h: $1.70 B price settled at $0.000034 on July 24 after spiking to highs of $0.000037 and lows near $0.000031. This followed a 16% intraday range, highlighting high volatility across Solana-based meme tokens. BONK closed just 0.86% lower on the day.
Solana memecoin sector performance, July 24, 2025 | Source: Coingecko
Market-wide selling saw Solana memecoin caps drop 10.2% to $15.1 billion according to Coingecko data. However, BONK bucked the trend posting 6% gains to emerge the only top 5 ranked Solana meme trading in green on the day.
The BONK rally came as the team confirmed a major burn of 500,000,000,000 BONK tokens on Thursday, from fees generated on the memecoin network.
500,000,000,000 $BONK was just burned based on fees generated at @bonk_fun
You can track fees generated for $BONK buy and burns at https://t.co/3szWidigYy pic.twitter.com/sUPgVvlQJi
— BONK!!! (@bonk_inu) July 24, 2025
The latest BONK derivatives trading data from Coinglass further affirms the positive market response to the burn.
BONK Derivatives Data Analysis | Source: Coinglass
As seen above, BONK derivatives volume surged 54% intraday, while open interest jumped 12.5%. These trends indicate a spike in long-positions outpacing BONK’s 6% intraday spot price uptick, potentially a signal that traders are regrouping for another upward move.
Bulls continue to defend the $0.000032 support, frustrating bears’ attempts to push BONK below the daily mid-Bollinger Band. A rebound from this range keeps the $0.000040 resistance level in focus for the short term.
BONK Price Forecast
Technical indicators such as MACD and Bollinger Bands show consolidation, with no clear bearish reversal confirmed yet. The MACD remains above the zero line, showing momentum still favors buyers.
If BONK breaks above $0.0000385 and holds volume, a move toward $0.000042 could follow. However, failure to defend $0.000032 would reopen the downside risk toward $0.000028.
BONK’s strong market engagement is driving renewed interest in Solana’s ecosystem, especially Solaxy, the network’s first Layer 2 chain. With SOL-based memecoins under pressure, traders are rotating into new projects like Solaxy’s SOLX token.
Solaxy Presale
Solaxy’s presale is now live, offering 68% staking rewards and multi-chain compatibility. The platform enables faster, cheaper transactions across Solana’s DeFi and meme coin apps.
Visit the official Solaxy website to access the presale and explore the Layer 2 powering Solana’s future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
