The cryptocurrency token BONK experienced volatility following the brief appearance and subsequent removal of a Pump token sale page on the Gate.io exchange. The Pump token sale page was live only briefly before being deleted, sparking market reactions. BONK had previously seen a notable price increase driven by high volume and leverage, with some market participants anticipating a retracement. Meanwhile, options trading activity indicates strong interest in BONK calls for December 26, 2025, with clients expecting a rally of over 100% from current prices. The $50 call option was purchased at a $4.5 premium, and the $60 call at a $4.3 premium. Separately, Pumpdotfun, a platform associated with the Pump token, is reportedly struggling, with plans to raise $700 million at a $4 billion valuation amid a sharp decline in market share from 90% to 24% and the departure of 88% of top creators to competitors. The platform is described as a basic Raydium wrapper with bots launching tokens frequently, contributing to the challenges faced by BONK and related projects.