Possible ETP Listing: BONK Memecoin Trends on Google

The Bonk memecoin is gaining traction with a new ETP listing and bullish sentiment among traders.

Bonk memecoin has become a favorite among investors, particularly over the past week when Bitcoin managed to stabilize upwards above the $68,000 mark, translating into a wider rally for the memecoin market. BONK is one of the beneficiaries, up 5.8% in the last day and up 36% over the last 30 days, with a market cap of $1.71 billion.

Institutional Interest in BONK Memecoin

Also, its daily trading volume is up 76% to over $285 million. Meanwhile, Bitcoin is currently flat, changing hands at around $68,000, with its market cap bouncing back to $2.48 trillion from a slump of $2.2 trillion seen on October 11.

The positive momentum of Bonk was further cemented when news came out about a collaboration with New York-based Osprey Funds. Osprey Funds specializes in integrating crypto assets into traditional markets and has made a move to launch a BONK exchange-traded product called Osprey BONK Trust.

This trust will allow easier avenues for traditional and institutional investors to explore cryptocurrency investments. Osprey Funds has already begun accepting investments from its initial group of qualified investors, with plans to apply for the BONK ETP’s listing on secondary markets soon.

BONK’s Price Action

Traders are optimistic about Bonk, with community sentiment on CoinMarketCap indicating expectations for further price increases. The interest in Bonk was evident, as it became a trending search term on Google.

Moreover, independent trader Unipics highlighted that Bonk is poised to break out of a significant triangle pattern established in early March 2024. Such a breakout is often viewed as a strong indicator of a bullish price reversal.

Technical analysis supports Bonk’s bullish outlook. It is now closer to the Upper Bollinger Band, and the two lines of the MACD indicator are above zero, suggesting an imminent price surge.

Memecoins are riding a wave of gains, according to CoinGecko, with their total market cap up 1.7% in the last 24 hours, now above $65 billion. Crypto analyst Murad Mahmudov has predicted the beginning of a memecoin supercycle, which he expects to peak by the end of 2025.

His speculation, coupled with rising interest in memecoins on platforms like Solana, has led to a surge in new token launches and increased attention on influencer practices in this space.

Crypto Influencer in Memecoin Pump and Dump Mess

Meanwhile, Crypto influencer Jaypeg is under fire as allegations surface of involvement in a ‘pump and dump’ scheme centering on the “Uptober” memecoin. There are claims that he sold tokens received for promotional activities while denying any wrongdoing and deleting transaction evidence.

The controversy originated when Jaypeg agreed to promote the Uptober memecoin in exchange for 2% of its total supply, valued at approximately $2,200. However, after receiving the tokens, Jaypeg sold them instead of fulfilling his promotional obligations.

He allegedly deleted messages containing the wallet address used for the transfer, asserting that he had not received the tokens. Despite mounting evidence, he has maintained his denial, suggesting that the Uptober team is attempting to blackmail him.

Influencers and Memecoin Promotions

Despite his denial, he publicly apologized and claimed to have donated the disputed $2,200 to charity. The allegations have sparked renewed discussions regarding the role of influencers in the memecoin market.

Meme coins like Uptober have drawn significant attention during this crypto cycle, but with this growth comes ethical concerns surrounding influencer promotions. An ongoing investigation by ZackXBT has further complicated Jaypeg’s defense, raising questions about his credibility.

ZackXBT’s investigation indicates that Jaypeg’s actions may reflect a deliberate attempt to mislead the Uptober team, given his decision to erase the wallet address and subsequent denials. In light of the controversy, both the Uptober team and ZackXBT have advised the community to exercise caution when choosing influencers to trust.

Meanwhile, Professor Alan Jagolinzer of Cambridge has noted how crypto influencers on platforms like TikTok exploit socio-psychological factors to manipulate their followers’ desire for profitable investments. At the time of writing, Jaypeg has put his social media profile in private mode, casting doubt about his innocence in this matter.