- BONK is setting the stage for an ETF after plans of ETP launched.
The price action and funding rates are positive for BONK.
As a seasoned crypto investor with over a decade of experience under my belt, I must admit that BONK Inu has managed to pique my interest. The prospect of this meme token launching an ETP in the U.S., as announced at Solana Breakpoint, is nothing short of revolutionary. It’s like watching Shiba Inu evolve from a cute internet meme into a global phenomenon.
The cryptocurrency, Bonk Inu [BONK], has been generating excitement by announcing its intention to introduce the initial meme token-based exchange-traded product (ETP) within the United States market.
At the Solana Breakpoint gathering, it was announced that BONK will collaborate with Osprey Funds to release an ETP by year’s end. This development has ignited enthusiasm among investors, as predictions suggest a significant increase in BONK’s value, potentially surging over 200% in October.
As a crypto investor, I’m keeping a close eye on BONK, the pioneer memecoin aiming to offer an Exchange Traded Product (ETP). This could pave the way for even more growth and potentially the launch of an ETF down the line. The community and I are all ears for any updates regarding BONK’s development journey.
Lately, significant advancements with BONK have influenced its price movement. The BONK/USDT exchange rate has just brushed up against this vital support line for the third time, which previously triggered a massive 182% price increase from April to May of this year.
Yet, this duo has seen a downturn since then, dipping back into the support area on the 5th of August, coinciding with a six-month low across the broader cryptocurrency market.
Following the unveiling of the Bonk ETP, there’s growing optimism that this might pave the way for the first ETF based on meme coins. The narrowing Bollinger Bands in the daily chart suggest a possible price surge, hinting at an imminent breakout.
The MACD indicator, which indicates buying momentum, is increasing, hinting that the price may rise in the near future.
Currently, BONK stocks are trading above the average of the Bollinger Bands, suggesting an increase in optimistic market feelings.
BONK OI-weighted funding rates
A bullish sign emerges when OI-adjusted funding rates become positive, suggesting that traders who hold long positions on BONK are growing increasingly optimistic about its future value.
Currently, the OI-weighted funding rate is set at 0.0006%, and BONK is trading at $0.000018. The increasing faith among traders might propel it further, potentially reaching its July highs and yielding approximately 110% profit increase.
Sell volume and net shorts decline
The fall in both trading volumes and short positions is adding strength to the optimistic viewpoint. This decrease in contract transfers indicates less selling pressure, suggesting that the market may be stabilizing or consolidating.
Establishing conditions that encourage a rise in prices, particularly when demand stays high and the supply keeps decreasing.
As buying interest grows and the demand for selling weakens, it seems likely that BONK will experience an upward trend and potentially reach new record highs.
Realistic or not, here’s BONK’s market cap in BTC’s terms
The imminent launch of ETP by BONK, along with a decrease in selling activity and an increase in optimistic market feelings, might lead to a rise in its value.
Investors are expecting a possible surge that could push BONK stocks up to their July peak (a 110% increase), indicating potential future growth during the final months of 2024.
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2024-09-23 09:11