Bonk (BONK) led the memecoin market with an 11% surge in the past day, driven by a 32% jump in social mindshare to 8,680 as Bitcoin approached $66,000. Despite this rally, BONK remains down 31% over 30 days and 58% year-to-date, falling below the top 100 tokens. While the spot market shows accumulation, with $4.24 million pulled from exchanges, derivatives data indicates growing selling pressure as the funding rate turns negative.
Bonk [BONK] has posted a double-digit gain of more than 11% over the past day, leading the memecoin market as broader sentiment recovers. It stands as the only memecoin to log this kind of surge while Bitcoin edges closer to the $66,000 level.
Much of the move traces back to a jump in social mindshare, a metric that captures attention across social media platforms. Bonk’s mindshare has climbed to 8,680, a 32% increase from the previous day.
The bullish past day tells only part of the story. Over the last 30 days, Bonk has fallen 31%, and on a year-to-date basis, it sits down 58% – losses that have pushed the memecoin below the top 100 tokens by market capitalization.
The rally has sparked debate over whether Bonk has entered a bull market, though the answer is not yet clear-cut. Funding Rate data points to growing selling pressure, with the rate flipping negative. The Funding Rate has now dropped to -0.0009%, pointing to a market where most of the $7.82 million in open positions lean toward selling.
Sentiment analysis adds a cautious outlook, showing that bears remain in control. Negative sentiment does little to help a bullish narrative take hold, especially for a memecoin with no underlying product to sustain a rally. Sentiment has dropped to -2.42, and a further slide could erode the bullish momentum built over recent hours.
Even with sentiment tilting toward the bears and the perpetual Funding Rate turning negative, the spot market tells a more bullish story. Buying strength has picked up, with more investors pulling BONK off exchanges into private wallets than moving it onto exchanges to sell.
The total Bonk accumulated through this route amounts to roughly $4.24 million, and netflow has dropped to about negative $880,000. That marks a notable turnaround, since selling dominated the prior three days. Sustained buying would give the memecoin a better chance of defending its price, and with the Funding Rate shift still shallow rather than decisively bearish, BONK retains room to extend its run.
