BONK racks up $33 mln in buys – But THIS might kill the buzz!

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Key Takeaways

Well, it seems that over $33 million worth of BONK has been snatched from the market by spot and smart investors. Talk about a gold rush, eh? Now let’s see if they can keep that rally going.

Ah, Bonk [BONK], the little crypto that could! It’s been on a wild ride, climbing a hearty 38% over the past week. If it were a horse, I’d say it’s ready to bolt out of the gate. 🏇

But, lo and behold, while folks are piling on the BONK, the wider market is still tugging at its reins, weighing down the price like a sack of potatoes on a three-legged mule. 🍠

Investors continue to accumulate

In the past week, the passion for BONK has intensified. A whopping $33.22 million has been hoisted onto the BONK wagon. Why, these investors are snatching up BONK faster than a cat at a fish fry!

Leading the charge were the spot market participants, dropping $31.44 million on BONK like it’s a hot potato, or should I say, a hot BONK! According to our trusty friends at CoinGlass, that’s the score. 🔥

These tokens are being whisked away into private wallets—smart money moves, I reckon. It’s a familiar dance that often precedes a jolly ol’ market rally.

And don’t forget the Smart Money investors, who’ve managed to scrape together a modest $1.78 million—though I’d dare say it’s less than a sneeze in a windstorm compared to the big boys. Yet it holds the title for the largest smart money inflow for any memecoin in the Solana ecosystem this week, if you can believe that! 🤔

These shrewd holders know how to play their cards right, often betting on BONK with profits galore in their pockets, hinting that they expect the wind to blow in their favor soon.

Derivatives signal bullish sentiment

Now, it seems our good ol’ friends over in the derivatives corner are getting in on the action. At the time of writing, the Open Interest Weighted Funding Rate is riding high above the positive threshold. Oh, what a world!

This positive sign means that most of the active derivative contracts are partaking in long positions. And with a Funding Rate of 0.0114%, long traders are paying a wee premium to keep their bets alive. 🎩

According to the genius minds at AMBCrypto, BONK has broken free from a bullish chart pattern with a hopeful target of $0.00003900, like a kite soaring in the spring breeze.

But wait! The road ahead has two bristling resistance levels that could give it a fit: first at $0.00003461 and another lurking at $0.00003680 just up ahead. It’s a precarious cliff, indeed!

With the current collecting frenzy, BONK appears to be sizing up those obstacles like a bull eyeing a matador, ready to charge. 🐂

But the biggest monster hiding in the bushes remains the market-wide distribution, which is like a pesky mosquito at a picnic.

Distribution phase continues

The Accumulation/Distribution (A/D) ratio paints a different picture for BONK’s prospects. Even with the frantic buying, the overall market seems stuck in a distribution phase, as if it’s got its feet tied in a stubborn old chair.

In just the past 24 hours, a staggering 31.88 trillion BONK tokens have been sold off, indicating that more folks are letting go than holding on. It’s a cryptographic game of hot potato gone awry! 🥔

As of this moment, the A/D metric has crept upward, suggesting that the selling spree might just be slowing down a bit. If this trend continues, BONK could find its way back onto the bullish highway.

But if the distribution decides to pick up steam once more, it could hit the brakes on BONK’s drive, even if it does manage to burst through that bullish formation. 🚧

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2025-07-21 02:26