Key Notes
- BONK has entered a sharp rebound phase as trading volume doubled in 24 hours.
- It has formed a falling wedge on the daily chart, eyeing a 200% rally.
- BONK’s supply has dropped from 100 trillion to around 88 trillion tokens.
BONK shot up almost 10% daily to $0.000009808 as the meme token’s trading volume doubled. However, it still trades far below its record peak at $0.00005916 as investors debate the best meme coins to buy.
The BONK daily chart is now showing a massive bullish pattern forming while Bitcoin Capital, an ETF issuer, is expected to debut the first BONK ETP on the SIX Swiss Exchange this week, on Nov. 27.
BONK Price Analysis: Falling Wedge Points to a 200% Rally
BONK is compressing inside a clear falling wedge, a pattern that often precedes a reversal, as per the chart below. The RSI sits near 38, confirming that the bears are overall in control of the meme token’s price action. MACD is also flat despite prices soaring in the past day.
With the BONK price currently near the apex of the wedge, a breakout could be very likely. A push above the upper boundary could drive BONK toward the $0.00001100-$0.00001300 band. Also, if the breakout continues, a second target is near $0.00002000–$0.00002200.
If BONK is able to sustain the rally to $0.00002200, it could aim for $0.00002800-$0.00003000, a more than 200% rally from current levels.
BONK daily price action within falling wedge | Source: TradingView
BONK’s Expanding Utility: More than a Meme Token
According to detailed research from Blockworks, BONK now supports nearly one million holders and integrates across more than 400 applications throughout the Solana ecosystem. These applications include DeFi platforms, NFT marketplaces, payment systems, and gaming environments.
Also, revenue from apps such as BonkBot and Bonk.fun feeds continuous buybacks and burns. The total supply has reduced from 100 trillion to around 88 trillion tokens, according to Blockworks Research. Initiatives like BURNmas also contributed to the decline, while BonkBot alone drove more than $87 million in lifetime fees.
On the other hand, institutions aren’t backing down just because BONK is a meme coin. The Osprey Bonk Trust, launched as a closed-end Delaware vehicle, now holds roughly 2.3 trillion BONK. With plans to list on OTCQX once requirements are met, the trust will also add to the deflationary pressure.
At the same time, multiple BONK ETFs, including products from Osprey and REX, are scheduled to go live following the SEC’s review window, with leveraged versions also under consideration alongside Bitcoin Capital’s Nov. 27 debut.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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Source: https://www.coinspeaker.com/bonk-is-eyeing-200-rally-teases-utility-amid-etf-debuts/
