BONK to launch first meme token ETP – 200% surge possible?
Bonk Inu (BONK) plans to launch the first meme token exchange-traded product (ETP) by the end of the year, sparking investor enthusiasm with expectations of a possible price surge of over 200%.
Impact of ETP launch
BONK’s announcement of a partnership with Osprey Funds at the Solana Breakpoint event has boosted its price action. The token has hit key support levels three times and has posted a 182% gain this spring. With the launch of the ETP, sentiment is bullish and tightening Bollinger Bands signal a possible breakout.
Other bullish signals
The Moving Average Convergence Divergence (MACD) shows increased buying momentum, while the OI-weighted funding rate turned positive, indicating rising bullish confidence. Additionally, declining sell volume and net shorts have reduced selling pressure, creating favorable conditions for price gains.
Summary
As bullish sentiment rises and selling pressure eases, BONK is expected to return to its July highs, potentially achieving gains of more than 110%, setting the stage for further growth in the last quarter of 2024.
