BONK up 158% in July, but can buybacks push it 46% higher?
Main Idea
BONK's price surged 158% in July due to its deflationary program, including a 500 billion token burn, but future gains depend on market sentiment and key price levels.
Key Points
1. BONK's price increased by 158% in July, driven by its deflationary program and token burns.
2. On 24 July, BONK burnt 500 billion tokens worth $16.7 million, funded by 1% of revenue from its launchpad BonkFun.
3. The project had a total revenue of 217k SOL (approximately $39 million) on 24 June.
4. Market positioning for BONK is slightly bullish, with Binance traders' bullish sentiment rising from 56% to 60% in 24 hours.
5. Future price movement depends on breaking the 1.618 Fib level ($0.000036) for a 46% upswing or facing a pullback to $0.000025 if support fails.
Description
BONK has rallied by 158% in July. Will its deflationary program extend its uptrend?
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