According to @AltcoinGordon, the Solana-based memecoin BONK (BONK) is leading a major altcoin rally, even as social media platform X suspended the accounts of memecoin launchpad Pump.fun and other related entities, creating uncertainty in the sector. BONK's bullish momentum is fueled by several key factors, as cited in the report. The token's own launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume, with 50% of its revenue used to buy and burn BONK tokens, creating deflationary pressure. Further bullish sentiment comes from the anticipated launch of a 2x leveraged BONK ETF by Tuttle Capital Management, potentially as early as July 16, and an upcoming burn of 1 trillion tokens once the project reaches one million holders. Technical analysis shows the BONK-USD pair surged 10.4% from $0.0000147 to a peak of $0.0000175 between July 2 and July 3. Analysis highlights a strong support level established at $0.0000157, with a more recent key support level forming at $0.00001619 following significant volume spikes.