Solana-based Memecoin Bonk (Bonk) is currently the best-performing cryptocurrency on the weekly charts out of the top 100 projects by market capitalization. Dog-themed ciphers increased by 52.1% on the weekly chart, 52.5% on the 14-day chart, and 38.4% on the previous month. Despite the rally, Memocoin has fallen by 4.9% and 17.5% on the daily chart since July 2024.
How much does Bonk cost?
Some bullish speculation around Bonk may be piling up its price. There are rumours that Tuttle Capital could be applied to double leveraged ETFs based on Memecoin. ETF approval could lead to a substantial institutional influx of Memecoin. Investors may expect a positive response from the market.
Another bullish development is a preparation project for the burning of 1 trillion tokens. Bonk is approaching 1 million holders. The goal of this project is to launch Burns once it reaches the 1 million holder milestone.
The development of positive ETFs on the potential of Solana ETFs may have also boosted Bonk Investors’ sentiment. The SEC has delayed Fidelity’s decision on the Sol ETF.
Has there been any corrections?
It’s likely that Bonk will face a fix soon. If the speculative fire dies, the price of Memecoin could drop.
The current crypto market is probably rising due to an increase in institutional influx. Retail players may not be actively involved in this cycle. Investors may quickly decide to book profits in the coming weeks.
Bitcoin (BTC) and Ethereum (ETH) ETFs have seen a consistent inflow last month. The influx of ETFs did not stop even in times of pain. The Israeli-Iran conflict was also not enough to slow the influx of ETFs.
Also Read: What signaling does Bonk, Dogwif Hat and Pepe in July?
We haven’t seen how Bonk will work over the next few months yet. Interest rate cuts can cause a surge in risky investments. However, the Fed has decided not to change the fees for now.
