BONK ON FEVER! #Grayscale Includes #Bonk in its Institutional Radar and Shoots the Price up by 12%
The Memecoin of #solana going for an ETF?
BONK, the popular memecoin based on Solana, has experienced a remarkable surge, recording an intraday gain of 12% in the last 24 hours, rising from $0.0000250 to $0.0000281 before consolidating at $0.0000265, with a final increase of 6.2%. This momentum was triggered by the exciting news that Grayscale Investments has included BONK in its expanded institutional monitoring framework.
The inclusion of BONK in Grayscale's radar is a clear sign of growing interest from asset managers in the memecoin and could anticipate the future development of investment products, such as a possible ETF. The trading momentum intensified significantly starting at 15:00 UTC on July 13, culminating in a high-volume breakout at 05:00 UTC on July 14. At its peak, BONK recorded 2.6 trillion tokens in trading volume, more than double its typical daily activity.
On a technical level, the price found resistance at $0.0000281, where selling pressure emerged. However, support was firmly established at $0.0000264, and it was observed that institutional traders re-entered positions during pullbacks, suggesting sustained interest and potentially paving the way for a future breakout. BONK managed to maintain momentum above $0.0000260, a key level. Furthermore, during the last 60-minute session (between 09:37 and 10:36 UTC on July 14), the token experienced a 3% swing, demonstrating volatility, but renewed buying interest quickly stabilized the market after a brief profit-taking.