BONK, a prominent Solana-based memecoin, has experienced a remarkable recovery of approximately 73% since April 22, reaching a five-month high of $0.00002167. The surge in BONK's price has been accompanied by a substantial increase in trading volume, which jumped 98% to $478 million, and a market capitalization that briefly touched $1.7 billion. This rally parallels broader bullish trends across the memecoin sector, including gains in DOGE and Shiba Inu. The total memecoin market value soared to $55.51 billion, driven by an increase in trading activity fueled by investors returning to risk-on assets. Additionally, BONK's open interest saw a 290% rise, indicating growing trader participation in its futures. Despite a slight drop in open interest, it remains far above previous levels, reflecting ongoing speculative interest. The price breakout from a descending channel and the positive momentum in social dominance on platforms like Santiment further underscore retail and institutional interest in BONK. Analysts predict potential targets above the current price depending on continued bullish momentum.

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