Bonk (#BONK🔥🔥 ) has regained investor attention, especially as #bitcoin☀️ holds steady above $68,000. This Bitcoin stability has fueled a broader rally in the meme coin market.
BONK’s Growth and Market Capitalization
Over the past 24 hours, BONK has risen by 5.8%, while its value has increased by 36% over the last 30 days. BONK's market capitalization has reached $1.71 billion. The daily trading volume for this meme coin increased by 76% in the last day, surpassing $285 million.
Meanwhile, Bitcoin (#BTC☀ ) remained relatively stable above $68,000, while the global cryptocurrency market is slowly recovering from a recent dip that occurred two weeks ago. The overall cryptocurrency market capitalization has climbed to $2.48 trillion from a low of $2.2 trillion on October 11.
Altcoins Rise When Bitcoin Consolidates
It is common for altcoins, including #Memecoins🤑🤑 , to rise when Bitcoin stabilizes. This happens because traders tend to focus on smaller, riskier assets in the hopes of capturing more significant short-term gains while Bitcoin remains steady.
BONK’s Partnership with Osprey Funds
BONK's rally was also boosted by news of a partnership with New York-based firm Osprey Funds, which plans to launch an exchange-traded product (ETP) for BONK, called the Osprey BONK Trust. The goal of this move is to lower barriers for traditional and institutional investors to access cryptocurrency.
Osprey Funds has already begun accepting investments from its first batch of qualified investors. The next phase will involve applying for BONK ETP listings on secondary markets.
Traders Are Bullish on BONK
According to CoinMarketCap’s sentiment tracker, traders are optimistic about BONK and expect further growth. Interest in the meme coin surged, as BONK became a popular search query on Google on October 21.
Independent trader Unipics, on the X platform, noted that BONK appears ready to break out of a triangle pattern it has been consolidating within since March 2024. In technical analysis, breaking out of this pattern is seen as a significant signal of a bullish reversal.
Technical Indicators Confirm Bullish Trend
Technical indicators on the 1-day chart for BONK support a positive outlook. The price is near the upper Bollinger Band, and both lines of the moving average convergence/divergence (MACD) indicator are above zero, signaling further gains in the short term.
According to CoinGecko, meme coins rode a wave of gains on October 21, with their total market capitalization rising by 1.7% to over $65 billion.
Analysts Expect Further Growth
Some analysts believe this is just the beginning of a larger trend. Crypto analyst Murad Mahmudov predicts that the meme coin market is entering a supercycle, which is expected to peak by the end of 2025.
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