Bonk BONK/USD Continues to Surge Despite Market Volatility, Prompting Bullish Sentiment From Traders

Prominent trader Unipcs describes Bonk as one of the best risk/reward opportunities in the current cycle. As Solana's leading meme coin, it enjoys strong cultural significance

Despite market volatility, Bonk BONK/USD continues to surge, prompting bullish sentiment from traders.

What Happened: Prominent trader Unipcs describes Bonk as one of the best risk/reward opportunities in the current cycle.

As Solana's leading meme coin, it enjoys strong cultural significance, deep liquidity and major exchange listings on Robinhood, Coinbase and Binance, according to the trader.

With an ETF filing and ETP launch expected soon, institutional interest is rising, making the meme coin “incredibly undervalued.”

Down 85% from its all-time high, Bonk could be primed for a strong rebound, with a potential market cap surpassing $10 billion.

$BONK is probably one of the best R/R opportunities in this space if you believe that this bull run is not yet done

you can probably count the number of memecoins that have what it takes to be multi-cycle plays on one hand, and BONK is easily among the top of the list"– strong liquidity, major exchange listing (RH, Coinbase, Binance), ETF filing coming, ETP launched recently, cultural significance, deep liquidity, and they are pushing hard for more.

It’s also still down 85% from the ATH and is currently at an incredibly undervalued price. At the time of writing, it’s trading at $0.046, placing it at a $460 million valuation. For context, an ETF filing is in the works, and ETP is already launched in Europe.

For those who prefer to zoom out, think about it. Even at $10, it’s still at a $10 billion valuation. Do you really think in this bull cycle, with all the hype around memecoins and the FTX saga, a Solana memecoin can go to $10? I personally wouldn’t be surprised if it does.

And for those who are interested, Bonk is currently the no. 1 memecoin on Solena, and it’s also one of the most discussed coins on social media. It also enjoys an enormous amount of attention from the crypto community.

Those who know, know. Good luck out there. 🍀" - Ben (Unipcs)

If you enjoy my analysis, follow me for more.

— Ben (Unipcs) (@Unipcs) March 19, 2024

Commentator Kadense Pengu backed Unipcs' view, stating that Bonk is "still undervalued" despite a 300% rise from its lows.

Pengu added that Bonk could easily hit $0.10, and $1 is not an impossibility this cycle.

People still massively underrate BONK. It’s 3x from the lows and it’s STILL undervalued.

Bonk to $0.10 is a piece of cake and $1 is not impossible this cycle.

Those who know, know. 🍀

— Kadense Pengu 🦇 (FTM STAN) (@kadenze_pengu) March 19, 2024

Why It Matters: On-chain analytics platform Stalkchain reports that meme coins saw more outflows ($2.79 million) than inflows ($1.3 million) on March 19, yet Bonk still received $73,000 in inflows.

Coinglass data shows Bonk's derivatives trading volume surged 143.9%, while open interest jumped 9.2% to $10.2 million.

According to CoinMarketCap data, Bonk is currently trading at $0.0441, showing a 24-hour price increase of 14.86 and a seven-day price surge of 101.66%. The coin has a circulating supply of 999,961,668 BONK and a total supply of 1,000,000,000 BONK.

Read Next: Pepe, Fartcoin, Bonk Leapfrog Dogecoin, Shiba Inu In Momentum As Traders Predict Bullish Momentum