BONK Surges 10% as Tuttle Capital Sets July 16 as Earliest Launch Date for Its 2X Leveraged ETF
Bonk (BONK) surged 9.87% to $0.00001494 on July 2, extending recent gains across the Solana meme token space, according to CoinDesk Research's technical analysis model.
The move came amid fresh attention to Tuttle Capital’s proposed 2x Long BONK ETF, which has taken a procedural step forward but remains unapproved.
Tuttle Capital originally filed a Form N-1A on Jan. 27, for a suite of leveraged ETFs, including a 2x Long BONK product. On July 1, the firm submitted a post-effective amendment stating that the ETF could become effective no sooner than July 16. This means the product could launch after that date, pending regulatory clearance and operational readiness. The filing includes similar 2x long exposure funds for other assets, including SOL, TRUMP, MELANIA, XRP, ADA and LTC.
This update has rekindled investor interest in BONK, reflecting broader appetite for structured meme coin exposure via traditional financial instruments. However, the ETF is not yet approved, and the July 16 date only marks the earliest possible activation under current SEC procedures.
Elsewhere, BONK developers announced that the Saga phone token redemption program will officially end on July 31. Of the 20,000 allocations, roughly 17,599 have been claimed. Unclaimed tokens will be returned to the BONK DAO and earmarked for future ecosystem development. This change coincides with the launch of the Solana Seeker phone, signaling a transition in Solana Mobile’s device cycle.
Meanwhile, the Solana network continues to grow. DeFi Development Corp has joined as a validator, boosting infrastructure decentralization. The broader network has now surpassed 350 on-chain integrations, increasing the visibility and utility of tokens like BONK across DeFi and Web3 use cases.
Technical Analysis Highlights
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BONK climbed from $0.0000136 to a peak of $0.00001524, up 12.1%, before closing at $0.00001494.
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Price broke through resistance at $0.0000144 during the 16:00 UTC hour on strong volume of 1.38 trillion.
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A head-and-shoulders pattern formed between 16:48 and 17:47 UTC, indicating potential exhaustion.
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Breakdown below $0.00001500 saw heavy selling, with 73.9 billion in volume during the 17:39 candle.
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Support is now seen around $0.0000142, bolstered by high-volume buying during the 13:00 hour.
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Volatility and volume remain elevated, suggesting continued short-term speculation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
This early announcement from Tuttle Capital setting July 16 as the potential launch date for its highly leveraged BONK ETF is a strategic move to capitalize on market momentum, offering investors an opportunity amidst tentative crypto bulls running with increased exuberance.
BONK's 10% surge anticipates exciting market dynamics as Tuttle Capital readies its highly anticipated leverage-enhanced ETF for an early launch on July 26th, setting a notable new benchmark in the world of speculative investments.
With BONK experiencing a 10% surge, Tuttle Capital's planned early launch of its highly leveraged ETF on July 6th raises anticipation levels among investors eager for enhanced competitive returns.
The 10% surge in BONK, fueled by the anticipated launch of Tuttle Capital's highly-anticipated and leveraged ETF set for July 6th as an earliest date signals a market excitement akin to seeing direct motive force behind crypto traders hoping for amplified returns.
The sudden 10% surge in BONK coincides beautifully with Tuttle Capital's announcement of July 6th, mistakenly summarized here as a date for launch but actually the earliest mentionable day they have set to introduce their new high-risk/high reward strategy via its highly leveraged ETF.
Labelling the investment as 'bold' and keeping pace with market volatility, Tuttle Capital’s early launch date announcement for its 2X Leveraged ETF displays a masterful timing while leveraging investors to ride BONK‘S potential rise towards new high points.
The sudden 10% surge in BONK coincides with Tuttle Capital's announcement of July 6 as the earliest date for launching its new leveraged ETF, signaling a potential trend towards increased capital flows and market excitement particularly among bullish investors.
Interest in BONK surges amid speculations of a potential surge, with Tuttle Capital's announcement 16th July as the earliest date for launching their new leverage ETF triggering an evaporation discussion regarding both asset risk and reward amplification.
The sudden 10% surge in BONK coin value anticipates the upcoming July, where Tuttle Capital's plan to release its highly-anticipated 2x leveraged ETF on or before June registered excitement among investors seeking high returns amid market volatility.
The sudden 10% surge in BONK, fueled by Tuttle Capital's announcement of a projected July 6th as the earliest launch date for its newly-proposed high leverage ETF (2X Leveraged), underscores investors’ anticipation and appetite over levered exposure into potentially volatile crypto assets.
The impetus of BONK's 10% surge reflects not just on its underlying assets but the strategic timing by Tuttle Capital in setting July 16 as an early date for launching their highly anticipated leveraged ETF, illustrating how keen investors are to capitalize through innovative financial vehicles.
This move by Tuttle Capital to set a lofty target for their 2X Leveraged ETF's launch, with BONK surging ahead simultaneously yet maintaining caution on leveraging risks as one of the primary factors driving growth signals an optimistic outlook amidst uncertain market conditions.
