BONK trends on Google as investors eye ETP listing

Bonk attracted renewed investor attention as Bitcoin consolidated above the $68K mark, sparking a broader rally in the meme coin market.

Bonk (down 5.85%) surged 5.8% in the past 24 hours and gained 36% over the last 30 days, bringing its market capitalization to $1.71 billion at the time of writing. The meme coin’s daily trading volume rose by 76%, reaching over $285 million.

Meanwhile, Bitcoin (down 3.31%) remained relatively stable, hovering just above $68,000, while the global cryptocurrency market slowly recovered from the slump seen two weeks ago. The total crypto market cap has rebounded to $2.48 trillion, up from $2.2 trillion on October 11.

It is not uncommon for altcoins, including meme coins, to experience rallies when Bitcoin consolidates. Traders often shift their focus to smaller, higher-risk assets in search of more substantial short-term gains while Bitcoin stabilizes.

Bonk’s recent rally was further fueled by news of its partnership with Osprey Funds, a New York-based firm specializing in bringing crypto assets into traditional financial markets. The two are set to launch the Osprey BONK Trust, an exchange-traded product (ETP) designed to give institutional and traditional investors easier access to BONK.

As with other crypto ETPs, the goal is to reduce barriers for traditional investors to enter the crypto space. Osprey Funds has already begun accepting investments from its initial batch of qualified investors. Following this phase, the trust will seek to have the BONK ETP listed on secondary markets.

BONK traders are bullish

The community sentiment tracker on CoinMarketCap revealed that traders were optimistic about BONK, with expectations of continued upward movement. The growing interest in the meme coin was further highlighted by BONK trending as a top search term on Google on October 21.

On X, independent trader Unipics observed that BONK appeared poised to break out of a large triangle pattern, which it had been consolidating within since early March 2024. In technical analysis, a breakout from this pattern is often seen as a strong indicator of a bullish price reversal.

Technical indicators on the 1-day chart for BONK supported a positive outlook, showing signs of continued bullish momentum. The coin’s price was near the Upper Bollinger Band, while both lines of the Moving Average Convergence Divergence (MACD) were above zero, signaling that upward momentum could persist and lead to further short-term price increases.

According to CoinGecko, meme coins were experiencing a surge on October 21, with their total market capitalization rising by 1.7% in the past 24 hours, surpassing $65 billion.

Some analysts view this as just the start of a larger trend. Crypto analyst Murad Mahmudov, for example, forecasts the onset of a meme coin “supercycle,” predicting the market could reach its peak by the end of 2025.