BONK Recent Strength in a Downtrending Market Caught the Attention of Prominent Traders

Bonk's BONK/USD recent relative strength in a downtrending market caught the attention of prominent traders, who are eager to see more upside if market conditions improve.

Prominent traders are keeping a close eye on Bonk (BONK/USD) after the meme coin’s recent strength in a downtrending market.

As per Coingecko data, Bonk has seen a 17.6% gain over the past two weeks, outpacing meme coin leaders like Dogecoin (DOGE/USD), Shiba Inu (SHIB/USD) and Dogwifhat (WIF/USD), which gained -8%, -2% and +2.5%, respectively.

Prominent trader Cold Blooded Shiller highlighted Bonk’s strength on the daily chart. In a Monday social media post, he added that it was rejected once from the major resistance point for it but predicted “good value” for traders.

Prominent trader Mayne also highlighted Bonk’s strength in comparison to Dogwifhat:

Millionaire trader ‘Bonk guy’ pointed to Bonk’s recent strength, anticipating more upside in the coming months.

Yet another heavily followed crypto trader tweeted that Bonk “has confirmed a bullish market structure reversal around a macro support level, which is a positive sign.” He stated that upside potential is “huge,” but traders should avoid chasing a green candle and wait for a higher low.

Last week, Bloomberg reported citing sources close to the matter that Robinhood is likely to offer cryptocurrency futures in the U.S. and Europe in the upcoming months, which may include Bonk.

The influence of meme coins and Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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