As bitcoin

hovers near a fresh all-time high, the Solana-based memecoin, BONK

, is leading the major altcoin rally.

The surge coincides with renewed optimism in risk assets following bitcoin's recovery above $110,000, which has triggered widespread gains across established cryptocurrencies.

BONK's momentum appears sustainable as numerous crypto analysts express bullish sentiment, citing significant upside potential remaining.

Adding to BONK's bullish case, the BONK foundation's token launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume with a 126% increase. This development benefits BONK holders as 50% of the platform's revenue is allocated to buying and burning BONK tokens, creating additional positive price pressure in a market already anticipating the upcoming 1 trillion token burn when the project reaches 1 million holders.

Meanwhile, Tuttle Capital Management confirmed July 16 as the earliest possible launch date for its suite of leveraged crypto ETFs, including a 2× BONK ETF, fueling bullish sentiment.

 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.