BONK news: Heres why a short-term dip won’t stop its 51% rally

Bonk [BONK] slipped nearly 7% from yesterdays highs, raising eyebrows across the trading floor.

But zoom out, and the picture is still remarkably bullish. Weekly gains remain impressive, suggesting this may be less of a reversal and more of a healthy breather.

Source: CoinMarketCap

So, is the BONK hype train still on track？

BONK: Traders arent quite done yet

Despite its 7% 24h slip, BONKs Futures market was telling a different story.

Open interest (OI) was at $54.7 million at press time; still significantly elevated from early July levels and more than double what it was just two weeks ago.

Source: CoinGlass

The chart showed a steep climb in both price and open interest beginning around the 4th of July, showing renewed risk appetite among traders.

This spike came alongside improving sentiment in the broader crypto market and BONK‘s recent addition to Grayscale’s tracking list – an institutional nod that some interpret as early validation.

Funding Rate heats up, but derivatives volume cools

While BONKs OI remained strong, other derivative metrics show a more mixed picture.

Funding Rates have surged to 0.0329, at press time – still elevated, though slightly down from recent highs – indicating that long traders are paying a premium to stay in position.

Source: Coinalyze

This suggests continued bullish sentiment, but its also a sign of overheated conditions that could invite short-term volatility.

Meanwhile, Total Derivatives Volume dropped by over 41% to $929.37 million in the past 24 hours, hinting at some exhaustion among intraday traders.

In short, the momentum is alive, but its getting more expensive to ride the wave.

BONK still leads weekly gains as memecoins stage a comeback

Its been a strong week across the memecoin board. BONK surged over 51% in seven days, outperforming heavyweights like Dogecoin [DOGE] and Shiba Inu [SHIB].

Even newer entrants like Pudgy Penguins [PENGU] and Official Trump [TRUMP] tokens posted over 50% and 4.5% weekly gains respectively, showing renewed speculative interest.

Source: CoinMarketCap

Despite BONKs daily dip, its chart reflects a steep and sustained uptrend, suggesting it still commands the narrative.

With capital rotating back into high-risk assets, memecoins are once again proving to be early beneficiaries of sentiment shifts, particularly those with strong community backing and fresh catalysts.