Bonk Inu (BONK), the popular Solana-based dog-themed meme coin, has recently marked a monumental stride within the global crypto landscape.
Solana-based dog-themed meme coin Bonk Inu (BONK) has taken a monumental step in the U.S. by launching a bonk exchange-traded product (ETP), marking the first-ever achievement of this kind by a meme coin. This development has left crypto market enthusiasts wondering about the potential impact on the asset’s price.
Announced during Solana Breakpoint, a multi-day event for devs and enthusiasts, the Bonk Inu community is launching an ETP in the U.S. “This is the first step towards a BONK ETF,” the announcement added.
The Solana meme coin’s team is working with Osprey Funds, a New York-based company that helped streamline one of the first Bitcoin ETFs and Solana Trust, to roll out the ETP in the U.S. The community also revealed that it is looking forward to launching the ETP by the end of this year. The ticker, meanwhile, remains the same, BONK.
Plans for an upcoming ETP launch have sparked a wave of optimism for the token globally. At press time, Bonk Inu (BONK) price is down 2% in the past 24 hours, trading at $0.00001803. The coin’s intraday low and high are recorded as $0.00001762 and $0.00001861, respectively. Today’s waning movement falls in line with the broader crypto market trend.
However, the meme token’s long-term prospects look bullish with the looming BONK ETP launch. For context, the ETP launch is expected to drive further investor interest in the asset, bringing a new gush of money inflow to the token’s ecosystem.
Simultaneously, crypto market enthusiast ‘TraderKoz’ took to Twitter, spotlighting a strong, resilient price pattern for BONK. According to the post, the dog-themed token “just put in a clean triple tap.” This statement refers to a pattern where the asset’s price tested support three times and bounced back up. Coupled with the ETP launch, this price pattern has added to bullishness on the asset’s long-term prospects. Market watchers continue to monitor the coin for future price action shifts.
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