Solana BONK Coin Soars Over 35% to Hit US$2 Billion Market Cap

Effects of Ethereum ETF Launch

The rise in crypto prices in the broader market stems from developments in the launch of the Ethereum Exchange-Traded Fund (ETF) in the United States. The market's recent rise is similar to investor sentiment that preceded the launch of 11 spot Bitcoin ETFs in January.

On-chain analytics firm Santiment attributed BONK's outperformance to the anticipation surrounding the launch of an Ethereum ETF.

The company added that this event contributes to one of crypto's top five days of 2024. As per previous Crypto News Flash coverage, exchange Coinbase estimates a 30-40% chance of approval on May 31.

However, it is worth noting that the SEC must approve the 19b-4 filing and S-1 registration statement for a spot Ethereum ETF to begin trading.

At the time of writing, BONK is trading at US$0.00003267, showing an increase of 5.6% in the last 24 hours, and is up 35% in the last seven days.

Additionally, 24-hour trading volume increased 2.3% to US$1.04 billion. Since May 13, BONK price has been rising at a steady pace after hitting a low of US$0.0000214.

Overall, the memecoin market is showing bullish momentum with weekly trading volume increasing more than 200% year-on-year. BONK's success ultimately rests on the popularity of Solana. The recent rally has spread around the world with Solana rising 0.37% to US$180.07.$BONK #BONK. #Binance