Bonk (BONK) Expands Into the NFT Market by Acquiring Exchange Art

Bonk, the popular dog-themed meme coin, is making a foray into the non-fungible token market with the recent acquisition of Solana-based NFT marketplace Exchange Art.

The popular dog-themed meme coin, Bonk (BONK), is entering the non-fungible token (NFT) market with the recent acquisition of Solana-based NFT marketplace Exchange Art.

On March 27, the team behind the Solana-based meme coin confirmed it had acquired Exchange Art in a move that aims to “preserve and elevate the culture around creating, collecting, and appreciating art on chain.”

With this acquisition, BONK plans to integrate its token directly into the Exchange Art platform, giving artists the option to sell their work in BONK alongside USDC.

For creators, this addition hands them more control over how they price their work and shields them a bit from the volatility of SOL, which has traditionally been the go-to token on Solana NFT platforms.

Artists will also be able to gain exposure to the BONK community, a highly active and enthusiastic user base that could lead fresh eyes and new collectors to their work.

While little has been made public regarding the project’s long-term roadmap for the platform or how exactly BONK will function as a payment option, what we do know is that the transition will be led by JT Liss, a digital artist closely affiliated with the BONK team.

A new leadership group is also stepping in to help shape the next chapter of Exchange Art. This team will be “dedicated to the longevity and success of not the just platform but of the creator economy as a whole,” the project wrote on X.

NFT artist Topo Gigio lauded the acquisition on X, stating that it benefits both the community and artists while adding credibility to the meme coin.

“This is good for everyone. Artists have a champion in their corner and BONK continues to solidify its place as Solana’s culture coin.”

This is good for everyone.

Artists have a champion in their corner and @bonk_inu is continuing to solidify its place as Solana's culture coin. No meme coin has done anything like this for the ecosystem. https://t.o/A6Hb

— Topo Gigio (@topogigio) March 27, 2024

Meanwhile, Nom, a core contributor for Bonk, highlighted that combining the existing efforts of Exchange Art with BONK’s Art Masters initiative opens up new possibilities for artists on-chain.

“It’ll continue to expand the reach of artists creating works on the platform, improving the financial incentives for both creators and collectors, and help people make cool shit on-chain,” Nom wrote in a March 27 X post.

BON price fails to react

The news was well received by the community, but it did little to push the meme coin’s price beyond its monthly high of $0.0000155, a level it had already failed to breach the previous day.

At press time, BONK was trading at $0.0000139, down 2.8% over the past 24 hours. The token remains roughly 76% below its all-time high of $0.00005825, reached during the peak of the 2024 bull run in November.

However, according to pseudonymous analyst FOUR, BONK could be eyeing a “3- 4x” rally soon. In a recent X post, the analyst flagged that BONK had broken out of a descending triangle and could rally higher once “FOMO” sets in.

After a 3-4 month bear market, in which the price has been nearly completely unrelentingly cut in half, we're finally seeing some signs of life from Bonk.

We've broken out of the descending triangle (which usually leads to a 3-4x move) and we're starting to see some FOMO.

As the last bull market coin, I can't wait to see what happens next. Good luck out there!

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#$SOL #CRYPTO $BTC

— FOUR (@Four_btc) March 27, 2024

Other analysts believe that Bonk might not be out of the woods just yet. Trader Travis, who shared a daily line chart of Bonk, pointed out that while the token has broken its downtrend, it’s currently just “going sideways.”

According to him, the market could remain flat for a while, and the rally could be delayed until April.

Maybe I'm wrong but I feel like this could stall out for a bit and we might not get the April rally after all.

We'll have to wait and see! Either way, I'm still bullish on $Bonk in the long term.

What do you think? Let me know in the comments below!

#crypto #trading #technicalanalysis

— TRAVIS / BENZ - 70000% &