BONK is facing growth potential as it prepares to launch the first publicly traded memecoin product (ETP) in the US.

Announced at the Solana Breakpoint event, the BONK ETP is expected to launch later this year. In partnership with the Osprey Fund, the project team has taken action to make the first memecoin fund to trade on a US stock exchange.

Commenting on the BONK process based on the mentioned development, AMBCrypto said:

“This move has excited investors, BONK price is expected to increase by more than 200%.”

BONK is preparing for the rise

According to AMBCrypto analysis, BONK price increased by more than 182% from April to May. Stating that BONK is preparing for a major development, AMBCrypto said:

“With the announcement of the Bonk ETP, which could pave the way for the first memecoin ETF, bullish sentiment is growing for the popular coin. “The Bollinger Bands on the daily timeframe are tightening, suggesting a breakout is likely.”

In the analysis, the price outlook is positive and the funding rate is giving a positive signal. The outlook for the BONK/USDT parity rate indicates that BONK, which has hit a six-month low, may start to rise. The Moving Average Convergence Divergence (MACD) indicator also shows increasing buying momentum and emerging risk appetite.

It is reported that the sentiment towards BONK, which is trading above the Bollinger Band average, has turned positive. In the analysis, it is stated that another factor supporting the bullish signal is the Open Interest (OI). The OI ratio reached 0.0006%, indicating that long-term investors are optimistic that BONK could rise in price. According to AMBCrypto, the growing confidence from traders could push BONK to new highs.

The analysis shows that BONK price containment sales have decreased and reads as follows:

“Sell volume and net short turnover also decreased, supporting the bullish outlook. The chart view shows that BONK is entering a consolidation process. The upcoming BONK ETP launch, reduced selling pressure, and increasing bullish sentiment could push the price higher.”

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