As a seasoned researcher who has navigated through various crypto market cycles, I must say that the current rally of Bonk (BONK) is indeed intriguing. The partnership with Osprey Funds and the bullish sentiment among traders are strong indicators of its potential growth.
Investor interest in Bonk surged once again as Bitcoin stabilized over $68,000, triggering a wider uptrend in the meme coin sector.
Yesterday, I saw a solid increase of 5.8% in the value of my BONK holdings, and over the last month, it’s skyrocketed by an impressive 36%. As I check the market cap at this moment, it stands tall at $1.71 billion. The daily trading volume for this meme coin surged by a significant 76%, reaching over $285 million. It’s an exciting time to be a part of the BONK community!
Currently, Bitcoin (BTC) is holding steady around $68,000, with the broader cryptocurrency market gradually rebounding from a dip that occurred two weeks ago. The total market capitalization of crypto has climbed to approximately $2.48 trillion, up from its October 11 low of $2.2 trillion.
In many instances, it’s typical for alternative cryptocurrencies, such as meme coins, to surge when Bitcoin remains stable. This trend usually occurs as investors tend to move towards less established, riskier assets, aiming to seize substantial short-term profits while Bitcoin maintains its position.
The power behind Bonk’s rally was significantly boosted when it became public that the meme coin had entered into a partnership with Osprey Funds, a renowned New York firm recognized for integrating crypto assets into traditional financial markets. This partnership aims to introduce a BONK exchange-traded product, named Osprey BONK Trust, to the market.
Just like a cryptocurrency Exchange-Traded Product (ETP), this action seeks to make it simpler for conventional and institutional investors to invest in cryptocurrencies by reducing potential obstacles.
Initially, Osprey Funds is now welcoming investments from its initial group of eligible investors. Once this stage is complete, the trust intends to apply for the BONK Exchange-Traded Product (ETP) to become available for trading on various stock exchanges.
BONK traders are bullish
According to the public opinion tracker on CoinMarketCap, traders seemed optimistic about the meme coin and anticipated more price increases. On October 21st, it was clear that there was growing interest in BONK as it became a popular search topic on Google.
Regarding X, independent trader Unipics observed that Bonk appeared poised to escape from a large triangle formation it had been holding since early March 2024. Escaping from this structure is generally viewed as a significant indicator of a bullish price turnaround in technical analysis.
As a researcher, I’ve been observing the technical indicators for the meme coin, specifically BONK. The 1-day chart shows that its current price is nestled near the Upper Bollinger Band, signaling potential upward movement. Moreover, both lines of the Moving Average Convergence Divergence (MACD) indicator are above zero, indicating a sustained bullish trend and the possibility of further short-term price increases, as the MACD lines continue to diverge positively.
On October 21st, as reported by CoinGecko, the collective value of memecoins increased significantly, rising by approximately 1.7% within a 24-hour period. This growth has pushed their total market capitalization above $65 billion.
According to some experts, including crypto analyst Murad Mahmudov, this could be the start of a larger pattern. In fact, he suggests we might be on the brink of a “meme coin supercycle,” with the market predicted to hit its maximum by the end of 2025.
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2024-10-21 13:45