Oh man, your bike doesn't totally suck, you suck. It takes years to get good, high bunnyhops. You can bunnyhop 3 feet plus on a 35-40 pound bike if you know how to move it right and are in good shape.
Most freestyle bikes are 32-35 pounds, yours is no different. You will want to look at www.danscomp.com
, come up with a budget for how much you are willing to spend and think seriously about whether you want a LIGHT bike or a STRONG bike. Because, if you get a light bike and it breaks, don't ***** about it like a 10 year old. You have to give up strength for weight unless you switch to a much more expensive material than chromoly. Heck, under $300.00 it's tough to even find a bike that is 100% 4130 chromoly.
First look at your options, do some price checking and then ask about bikes in a more specific range and I am sure you will get some more helpful responses.