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Cryptocurrency News Articles
Bonk (BONK) Rallies 36% as Bitcoin (BTC) Consolidates above $68K, Targeting a Market Cap of $2B
Oct 21, 2024 at 06:28 pm
Bonk saw renewed attention from investors as Bitcoin consolidated above the $68K spurring a broader rally in the meme coin market.
Meme coin Bonk (BONK) continued rallying on Oct. 21, rising 5.8% over the past day and 36% over the last 30 days.
With a market cap of $1.71 billion, traders shifted their focus to smaller assets as Bitcoin (BTC) consolidated above $68,000. The global crypto market cap also recovered to $2.48 trillion.
Here’s what traders are saying about Bonk (BONK) and what to expect from meme coins in the coming months.
Bonk rallies as Osprey to launch meme coin ETP
BONK's price performance. Source: CoinMarketCap
Bonk's recent rally gained further steam on Oct. 20 following news that Osprey Funds, a New York-based firm known for bringing crypto assets into traditional markets, will be partnering with the meme coin to launch a BONK exchange-traded product (ETP) called Osprey BONK Trust.
As with any crypto ETP, the move aims to lower barriers for traditional and institutional investors to access crypto. Osprey Funds has already started accepting investments from the first batch of qualified investors.
After this phase, the trust will apply for the BONK ETP to be listed on secondary markets.
BONK traders are bullish, meme coin total market cap rises
The community sentiment tacker on CoinMarketCap showed that traders were bullish on the meme coin and were expecting further upside. The surge in interest was evident as BONK was a trending search term on Google on Oct. 21.
On X, independent trader Unipics noted that Bonk looked ready to break out of a giant triangle pattern it had been consolidating since the beginning of March 2024. A breakout from this pattern is seen as a major sign of a bullish price reversal in technical analysis.
Technical indicators on the 1-day chart for the meme coin supported the bullish outlook. BONK's current price was positioned near its Upper Bollinger Band while both lines of the Moving Average Convergence Divergence (MACD) indicator were above zero suggesting a continuation of the bullish momentum leading to further price gains in the short term.
CoinGecko reports that meme coins rode a wave of gains on Oct. 21, with their total market cap growing 1.7% over the past 24 hours and now sitting over $65 billion. Some analysts believe this is just the beginning of a bigger trend.
Crypto analyst Murad Mahmudov, for instance, predicts that we’re entering a meme coin supercycle, with the market expected to reach its peak by the end of 2025.
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