Bonk Gains Investor Attention as Bitcoin Holds Steady Above $68K, Fueling a Meme Coin Market Rally
Bonk has seen renewed investor interest, surging 5.8% over the last 24 hours and 36% over the past month, bringing its market capitalization to $1.71 billion as of press time. The meme coin’s daily trading volume has also soared, increasing by 76% over the past day to over $285 million.
Meanwhile, Bitcoin has remained relatively stable, trading just above $68,000 as the broader cryptocurrency market begins to recover from a recent downturn. The global crypto market cap has climbed to $2.48 trillion, a notable recovery from the $2.2 trillion low recorded on October 11.
It’s not uncommon for altcoins, particularly meme coins, to rally when Bitcoin consolidates. During these periods of stabilization, traders often shift focus to smaller, higher-risk assets, seeking short-term gains.
Bonk’s recent rally has been further fueled by the announcement of its partnership with Osprey Funds, a New York-based firm known for bridging crypto assets and traditional markets. Together, they are launching an exchange-traded product (ETP) called the Osprey BONK Trust.
As with other crypto ETPs, the goal is to lower the barriers to entry for institutional and traditional investors, giving them easier access to the crypto space.
Osprey Funds has already started accepting investments from its initial group of qualified investors. After this phase, the trust plans to apply for the BONK ETP to be listed on secondary markets.
Bullish Sentiment Among BONK Traders
According to CoinMarketCap’s sentiment tracker, the BONK community remains optimistic, with traders anticipating further upward momentum. This sentiment has been reflected in BONK’s trending status on Google as of October 21.
On X (formerly Twitter), independent trader Unipics noted that BONK appears poised to break out of a large triangle pattern it has been consolidating within since March 2024. A breakout from this pattern is often seen as a bullish indicator, signaling a potential price reversal.
Technical analysis on BONK’s daily chart supports this bullish outlook. The meme coin’s price is currently trading near its upper Bollinger Band, and the Moving Average Convergence Divergence (MACD) indicator shows both lines above zero—indicating continued upward momentum in the near term.
CoinGecko reports that meme coins are riding a wave of gains, with their collective market cap increasing by 1.7% over the past 24 hours, surpassing $65 billion.
Some analysts believe this rally may only be the beginning of a larger trend. Crypto expert Murad Mahmudov predicts that we are entering a meme coin supercycle, with the market expected to reach new heights by late 2025.
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