Could Bonk’s price 10x ahead of the ETF approval decision?

Bonk, the second-largest meme coin on the Solana blockchain, has seen a price increase recently, following the news that Rex Shares, an asset management firm with over $8 billion in assets, has filed for a spot exchange-traded fund (ETF). Bonk’s price surged by 6.5%, making it one of the best-performing Solana-based meme coins, with the token climbing 26% over the past week. This rebound came as Rex Shares also filed applications for ETFs tied to other cryptocurrencies, such as Bitcoin, Ethereum, Solana, Ripple, and Dogecoin, indicating growing institutional interest in crypto assets.

The filing has fueled speculation that the Paul Atkins-led U.S. Securities and Exchange Commission (SEC) may be more open to approving spot crypto ETFs, especially as Gary Gensler, his predecessor, focused primarily on Bitcoin and Ethereum ETFs. However, it remains uncertain whether the SEC will approve ETFs for meme coins like Bonk, which have not yet received the same institutional backing as more established cryptocurrencies.

Despite the uncertainty, the growing institutional interest in crypto ETFs, including Bitcoin and Ethereum, signals that the space is evolving. Bitcoin ETFs have attracted over $35 billion in inflows, and Ethereum ETFs have brought in over $2.66 billion. However, analysts predict that institutions may be hesitant to allocate significant funds to meme coins like Bonk due to their high volatility and speculative nature.

Bonk’s price analysis suggests the possibility of further growth. Launched in 2022, Bonk has grown to a market cap of over $2.3 billion, making it one of the largest meme coins. Although it faces competition from other Solana-based meme coins like Fartcoin, Dogwifhat, and Gigachad, Bonk has shown promising chart patterns, including a double-bottom formation, which is often seen as a bullish reversal indicator. Additionally, Bonk has formed a falling wedge chart pattern, another bullish signal, and has recently moved above its 50-day and 100-day moving averages.

In terms of price potential, Bonk’s next resistance level to watch is its 2024 high of $0.000060, which represents a potential 77% upside from the current price. However, for Bonk to 10x from its current price, it would need to reach $0.00033, roughly 900% higher than its present level. While a 10x move is theoretically possible, analysts believe it would take several years for Bonk to reach such a significant increase, as it would require broad market adoption and continued support from both retail and institutional investors.