Solana's Leading Meme Coin BONK/USD Mirrors Shiba Inu's Role in Ethereum's Last Cycle — Will It Peak at a $43B Valuation?

Crypto trader Unipcs argued on Thursday on Twitter that there's no reason to be bearish on BONK at current levels, citing multiple bullish catalysts.

Crypto traders are discussing the potential for a major rally in Bonk (CRYPTO: BONK) following a recent price dip.

Here's a summary of their insights and analysis:

Crypto trader Unipcs highlighted several bullish factors for BONK, including its status as the leading meme coin on Solana, which is positioned as the dominant blockchain of this cycle.

According to the trader, BONK is poised to follow a similar trajectory to Shiba Inu (CRYPTO: SHIB) in the previous cycle, considering its role as the leading meme coin.

While SHIB peaked at a $43 billion valuation, BONK's market cap currently stands at around $2 billion, suggesting significant potential for growth.

Moreover, the trader noted the passive buys and burns from Bonkbot, which are set to accelerate as Solana gains traction.

Additionally, BONK's listing on all major retail exchanges and its low unit price, making it attractive to retail traders, are seen as positive factors.

Furthermore, BONK's presence in one of the only meme coin ETF applications, alongside Dogecoin (CRYPTO: DOGE) and Trump (CRYPTO: TRUMP), could lead to substantial upside if these ETFs are approved by the SEC.

According to the BONKbot Burn Bot, 1.4 billion BONK ($34,998) were burned in the past 24 hours, pushing the total burns to 603.3 billion BONK, valued at $14.75 million.

Crypto trader Mammon observed that while meme coins are undergoing corrections, the key is to identify those maintaining strong long-term structures.

In this regard, BONK has held its December lows well, which could indicate that the meme coin is bottoming before its next major rally.

Many memecoins taken a beating ☠️

But now's the moment to spot those standing strong, maintaining their long-term structure and solid foundations

$BONK maintains its high tf structure and holding the December lows very well

This looks to be bottoming here before the next run🚀 pic.twitter.com/XpAFUuKblS

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