BONK trends on Google as investors eye ETP listing

Bonk saw renewed interest from investors as Bitcoin consolidated above $68,000, sparking a broader rally in the meme coin market.

Bonk (BONK) increased by 5.8% in the past day and 36% in the last 30 days, and its market value was at 1.71 billion dollars at the time of writing. The daily transaction volume of the Meme coin increased by 76% to over $285 million last day.

Meanwhile, Bitcoin (BTC) is trading relatively sideways and hovering above $68,000, while the global crypto market has slowly recovered following the crash seen two weeks ago. The value of the crypto market has risen to $2.48 trillion after a $2.2 trillion drop on October 11.

It is common to see altcoins, including memecoins, rise when Bitcoin consolidates. This is often because investors shift their focus to smaller, higher-risk assets in the hope of realizing more significant short-term gains as Bitcoin stabilizes.

Bonk’s rally was amplified following news that the meme coin has partnered with Osprey Funds, a New York-based firm known for bringing crypto assets to traditional markets, to launch a BONK exchange-traded product that will be known as the Osprey BONK Trust.

As with any crypto ETP, this move aims to reduce barriers for traditional and institutional investors to access crypto.

Osprey Funds has already begun accepting investments from the first group of qualified investors. Following this stage, the fund will apply for BONK ETP to be listed on the secondary markets.

BONK investors are on the rise

The community sentiment tracker on CoinMarketCap showed that investors are bullish on the meme coin and expect further rises. The increase in interest was evident as BONK was a trending search term on Google on October 21.

Independent trader Unipics noted that Bonk on X looks set to break out of the giant triangle formation that it has been consolidating since the beginning of March 2024. A breakout from this formation is seen in technical analysis as an important sign that the bullish price is reversing.

BONK price, Bollinger Bands and RSI chart | Source: crypto.news

Technical indicators on Memecoin’s 1-day chart supported the bullish outlook. BONK’s current price is positioned near the Upper Bollinger Band, while both lines of the Moving Average Convergence Divergence indicator were above zero, indicating continued bullish momentum that will lead to further price gains in the short term.

CoinGecko reported that memecoins entered a bullish wave on October 21, with the total market cap increasing by 1.7% in the last 24 hours and currently standing at over $65 billion.

Some analysts believe this is just the beginning of a larger trend. For example, crypto analyst Murad Mahmudov predicts that we are entering a meme coin supercycle, where the market is expected to peak by the end of 2025.