🌎 Bonk Sees 6.5% Uptick | Global Crypto News

Bonk Sees Uptick in Price Following Rex Shares’ ETF Filing

The cryptocurrency market witnessed a notable development as Bonk, the second-largest meme coin on Solana, experienced a significant price surge. This upward movement occurred shortly after Rex Shares, an asset management firm with over $8 billion in assets under management, submitted an application for a spot exchange-traded fund (ETF).

As a result, Bonk’s price rose by 6.5%, making it one of the best-performing Solana meme coins. The token has seen a substantial increase of approximately 26% over the past seven days.

Rex Shares’ ETF Application and Its Impact

Rex Shares’ filing for a spot ETF has sparked optimism among analysts, who believe that the Securities and Exchange Commission (SEC), led by Paul Atkins, may be more open to approving such funds. Atkins’ predecessor, Gary Gensler, primarily focused on Bitcoin and Ethereum ETFs. However, it remains uncertain whether the SEC will approve funds for meme coins like Bonk.

Crypto ETFs have gained significant traction among institutional investors, with Bitcoin ETFs attracting over $35 billion in inflows and Ethereum funds pulling in over $2.66 billion. Nevertheless, most institutions are expected to avoid allocating substantial funds to meme coins like Bonk.

Bonk’s Market Performance and Competition

Launched in 2022, Bonk has grown into one of the largest meme coins, boasting a market capitalization of over $2.3 billion. Despite this, the coin faces increasing competition from other Solana-based meme coins like Fartcoin, Dogwifhat, and Gigachad.

Technical Analysis and Price Prediction

A review of the daily chart reveals that Bonk’s price peaked at $0.00006 in December before dropping sharply to $0.00002490, forming a double-bottom pattern. This widely recognized bullish reversal indicator is a positive sign for the coin’s future performance.

In addition to the double-bottom pattern, Bonk has created a falling wedge chart pattern, another popular bullish reversal setup. The coin has moved above its 50-day and 100-day moving averages and is gradually forming a bullish engulfing candlestick pattern.

As a result, Bonk is likely to experience a bullish breakout, pointing to further gains. The next level to watch is its 2024 high of $0.000060, which represents a potential 77% upside from the current price. While a 10x increase to $0.00033 is theoretically possible, achieving this target is likely to take several years.

Key factors to consider when investing in Bonk or other meme coins: