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Bonk (BONK) has managed to post some mild losses in the past 24 hours while most meme coins are dropping sharply.
The second-largest token in the Solana ecosystem after Official Trump (TRUMP) has dropped by just 0.1% while others like Fartcoin (FARTCOIN) and SPX6900 (SPX) have shed 3.2% and 4.9% of their value, respectively, during this same period.
The approval of the first Solana exchange-traded fund (ETF) in the United States could mark a pivotal moment for what is currently the most popular blockchain to launch and trade meme coins.
This vehicle could draw further institutional attention to the entire ecosystem and could boost the price of these assets like Bonk, which sits at the top of the leaderboard in terms of market cap at $1.3 billion.
Meanwhile, Canary Capital has made significant progress in getting an ETF for Pudgy Penguins (PENGU) approved. If the SEC gives the asset management company the green light, it could result in huge gains for Bonk as well, since it could be the next in line to get its own ETF listed.
A few months ago, Bonk launched an incentive that consists of burning 1 trillion BONK once the number of token holders reaches 1 million.
Just a reminder:
The Dog will be doing a 1,000,000,000,000 $BONK burn when this number hits 1,000,000👇 pic.twitter.com/nkzo1QO65y
— BONK!!! (@bonk_inu) July 2, 2025
The countdown is getting close to hitting that mark, as it stood at 943,479 as of July 2. This token burn will account for a bit more than 1% of BONK’s circulating supply and could contribute to keeping the price afloat despite the latest downtrend.
BONK Breaks Its Descending Price Channel with Big Volumes
Looking at the daily chart, the price action broke its descending price channel decisively just a few days ago and this breakout was accompanied by above-average volumes, which is a positive sign that confirms the trend line’s relevance to market participants.
The 9-day exponential moving average (EMA) has crossed above the 21-day EMA as well. This is a technical buy signal known as a ‘golden cross’ that tends to anticipate big gains.
Now, the key resistance to watch for BONK in the near term would be the 200-day EMA, which currently stands at $0.00002000 – also a key psychological threshold.
Momentum indicators show that the uptrend has gained strength as the Relative Strength Index (RSI) has moved above the mid-line after crossing above its 14-day moving average.
Using the height of the price channel as a reference to estimate how significant BONK’s gains could be after this breakout, a first target could be set at $0.00002500 in the near term as long as the price breaks above the 200-day EMA.
Apart from Bonk, many other meme coins in the Solana ecosystem offer significant upside potential. Especially those that are still flying under the radar, as those can be fetched at very low prices before they jump to the spotlight and deliver 10X or even 100X gains.
However, with thousands of meme coins being launched every day, how can these hidden gems be discovered? Meme snorter, a Solana trading bot that snipes the most promising tokens. This project’s crypto presale is one of the hottest of the year and here’s why.
Snorter (SNORT) Scans the Solana Ecosystem to Spot the Best Opportunities
Snorter (SNORT) is designed to monitor Solana DEXs and platforms like Pump.fun to identify the most promising meme coins that can offer sizable gains to early buyers.
This trading bot offers low commissions, the possibility of setting limit orders to lock in gains and the most advantageous entries, and protection against MEVs, rug pulls, and scams.
Its architecture allows it to operate in multiple other chains, including Ethereum (ETH) and the BNB Chain (BNB), to help investors expand their portfolios to other ecosystems as well.
Once the bot starts to deliver impressive results, the demand for $SNORT will jump. Early buyers of this meme coin will reap the highest upside potential by taking advantage of its presale price of $0.0971.
To buy $SNORT, head to the Snorter website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to invest.
