The on-chain strength of BONK is contrary to the bearish trend: What is the mystery behind it?

Spot Taker CVD shows that the selling pressure is consistently maintained, while futures traders remain in a neutral position, causing the price of BONK to continue to face downward pressure.

What are the factors supporting the long-term growth prospects of BONK?

With nearly 1 million holders, accounting for 25% of the launchpad market share and a rapidly increasing token burn rate, BONK is demonstrating its ability to recover if demand continues to rise alongside the increasingly scarce supply.

After the cooling period caused by the AI wave booming in the creation and trading of tokens, Bonk (BONK) has actively restructured, adding many new utilities to maintain its appeal. The key highlight is the launch of the LetsBONKfun platform – a launchpad developed on Solana (SOL).

This platform not only attracts collaboration from many organizations but also integrates the stablecoin USD1, allowing it to be used as a base trading pair, opening up the potential for ecosystem expansion. Although the price of BONK has not yet reflected that vibrancy, activity on the network has recorded a spike.

So, what are the real signals behind this surge?

Network activity explodes, impacting tokenomics

According to The Solana Post, the number of wallets holding BONK is approaching the milestone of 1 million, with only less than 20,000 wallets left to reach this important threshold. This figure reflects the strong expansion of the community, especially after LetsBONKfun officially launched.

Macroeconomic factors also contribute to providing support. After the Fed's decision to cut interest rates and the wave of profit-taking following the FOMC meeting, the “smart money” has not left but continues to focus its attention on BONK.

Data from Stalkchain records that in just the past 24 hours, BONK is the token that “smart money” has accumulated the most, with nearly 250,000 USD invested – surpassing even Jupiter (JUP), cbBTC from Coinbase, and many other tokens.

Source: BlockworksIn terms of supply, the token burning mechanism from revenue has significantly increased the downward pressure. According to DefiLlama, the revenue ratio allocated for burning has increased from 35% to 50%. Currently, LetsBONKfun has generated 20.9 million USD in transaction fees and 12.57 million USD in annual revenue, causing the supply of BONK to continually shrink, reinforcing the tokenomics structure.

Thanks to this momentum, BONK quickly captured 25% of the launchpad market share, although Pump.fun (PUMP) still maintains the leading position with 65%.

However, despite the positive on-chain signals, the price of BONK is still struggling under the pressure of correction. So what is the real reason?

Why is the price of BONK still struggling?

The price movement of BONK clearly reflects the overall picture of the cryptocurrency market following the interest rate cut decision from the FOMC. At the time of writing, this memecoin has lost about 5% of its value, although it previously recorded an impressive increase of up to 69% in Q3/2025.

On a technical level, BONK has surpassed an important trend line, thereby eliminating the previous bearish structure. However, the On Balance Volume (OBV) and MACD indicators are signaling weakness in the short term.

Source: TradingViewThis development has drawn particular attention from traders to the Spot Taker CVD index. Data from CryptoQuant shows that the majority of spot investors are selling, creating downward pressure on prices, while the Futures Taker CVD remains neutral – reflecting a rather cautious demand for derivatives.

Source: CryptoQuantFrom a fundamental perspective, on-chain activity and the token burning mechanism continue to reinforce the long-term value of BONK. The fact that there are nearly 1 million wallets holding it is evidence of sustainable confidence; however, strong selling pressure in the spot market is still hindering the upward momentum. To break through, BONK needs a new demand strong enough to reactivate the bullish trend.

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