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Home » BONK Set to Introduce Its Inaugural Meme Token ETP Is a 200 Upsurge on the Horizon
Shiba Inu

BONK Set to Introduce Its Inaugural Meme Token ETP Is a 200 Upsurge on the Horizon

By adminSep. 23, 2024No Comments3 Mins Read
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BONK Set to Introduce Its Inaugural Meme Token ETP  Is a 200 Upsurge on the Horizon
BONK Set to Introduce Its Inaugural Meme Token ETP Is a 200 Upsurge on the Horizon
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Bonk (BONK) is on track to potentially become the first meme coin to introduce an Exchange-Traded Product (ETP), as revealed during the Solana Breakpoint event. Market analysts are speculating about the feasibility of a meme Exchange-Traded Fund (ETF), given the inherent volatility of this asset class.

Bonk Inu (BONK) is poised to make a historic mark, with announcements made at the Solana Breakpoint event indicating that the meme coin could launch an ETP in the United States. Reports suggest that this initiative may be in partnership with Osprey Funds, a New York-based company known for significantly contributing to the launch of one of the first Exchange-Traded Funds (ETFs) as well as the Solana Trust. According to insider information, the ticker symbol would remain BONK, and an official launch could be expected by the year’s end.

**Bonk’s (BONK) Market Response to the ETP Announcement**

In spite of this promising news, BONK’s price remains trapped in a bearish trend, experiencing a decline of 4% in the past 24 hours and a 17% drop over the last month, currently trading at $0.00001722. Nevertheless, analysts predict a possible 200% increase if the BONK/USDT pair hits its critical support level three times. Historically, such patterns have led to significant price surges, with an 182% rise observed from April to May 2024. This bullish sentiment is further supported by the Moving Average Convergence Divergence (MACD) indicator, which indicates a rise in buying momentum. Positive market sentiment persists as the asset trades above the Bollinger Band.

When examining other indicators, such as open interest-weighted funding rates, it appears that long-term traders are growing increasingly optimistic about the price potential, with current readings at 0.0006%.



*Source: Coinglass*

**Is a Meme Coin ETF on the Horizon?**

Market experts suggest that BONK’s groundbreaking initiative could pave the way for the first-ever meme coin ETF. Matt Hougan, Chief Investment Officer at Bitwise, refers to this time as an “ETF era,” expressing optimism that the trend could extend to meme coins despite their volatile characteristics. He posits that many ETFs serve as effective trading tools, and allowing investors to engage with meme coins through a secure, familiar ETF structure would be a positive development.

Lucie, the marketing lead for Shiba Inu, echoed this sentiment, emphasizing the advantages a meme ETF could offer. She noted that this development could simplify the process for both traditional and institutional investors, who often navigate the complexities of exchanges to obtain these assets. According to her, an SHIB ETF could enhance security, compliance, and diversification opportunities.

Edward, an analyst at BloFin Research, also weighed in on the potential of a meme coin ETF, cautioning that institutions would need to consider additional regulatory aspects before pursuing such an initiative. He observed that SHIB, as a meme coin, is frequently viewed as speculative and volatile. Financial institutions may need to implement further regulatory measures when assessing SHIB as a potential ETF candidate. While institutions are eager to enter the crypto market through compliant avenues, their significant holdings of SHIB for ETF issuance could introduce centralized risks, leading to potential market instability. If community sentiment is low, the price of SHIB could be adversely affected.

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