Bonk [BONK] has led the memecoin market over the past day, posting a double-digit gain of more than 11%.
Currently, Bonk stands as the only memecoin to log this kind of surge as broader market sentiment recovers and Bitcoin edges closer to the $66,000 level.
Much of the move traces back to a jump in social mindshare, a metric that captures how much attention a token draws across social media platforms. Bonk’s mindshare has climbed to 8,680 at the time of writing, 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 already pushed the memecoin below the top 100 tokens by market capitalization.
Is Bonk actually in a bull market?
The rally has sparked debate over whether Bonk has entered a bull market, and the answer isn’t a clear-cut yes yet.
Funding Rate data points to growing selling pressure, with the rate flipping negative. The Funding Rate measures whether long or short contracts dominate the perpetual market, based on which side pays the funding fee.
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.
Source: CoinGlass
Sentiment analysis adds a cautious outlook as it still shows that bears are 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 into negative territory at -2.42, and a further slide could erode the bullish momentum that has built over recent hours and drag the asset lower.
Spot market holds its ground
Even with sentiment tilting toward the bears and the perpetual Funding Rate turning negative, the spot market tells a more bullish story.
As of press time, buying strength has picked up, with more investors pulling BONK off exchanges into private wallets to hold than moving it onto exchanges to sell.
Source: CoinGlass
The total Bonk accumulated through this route amounts to roughly $4.24 million, and netflow—the difference between coins entering and leaving exchanges—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.
Final Summary
- Bonk’s Funding Rate has cooled to 0.0009% across $7.82 million in open positions, signaling that sell pressure is building.
- Spot accumulation tells the opposite story, with roughly $4.24 million in Bonk pulled off exchanges – a turnaround from three days of selling.
