🔥BONK Soars 10% as Leveraged ETF Looms: What You Need to Know
BONK, a popular Solana meme token, jumped nearly 10% yesterday, hitting $0.00001494. This surge comes as Tuttle Capital aims for a July 16 launch of its 2x leveraged BONK ETF, pending SEC approval.
Key Details:
* ETF Excitement: The potential launch of a leveraged BONK ETF has reignited investor interest, offering a new way to gain exposure to the meme coin through traditional financial markets. However, it's crucial to remember that the ETF is not yet approved, and July 16 is only the earliest possible launch date.
* Technical Outlook: While BONK saw significant gains, technical charts show a head-and-shoulders pattern forming, which could signal a near-term pullback. Support is now expected around $0.0000142.
* Saga Phone Program Ending: The BONK token redemption program for the Saga phone will conclude on July 31. Unclaimed tokens will be returned to the BONK DAO for future development. This coincides with the introduction of the new Solana Seeker phone.
* Solana Network Growth: The broader Solana network continues to expand, with new validators joining and over 350 on-chain integrations, boosting the utility of tokens like BONK.
In essence, while the prospect of a leveraged ETF is fueling BONK's rise, investors should be aware of the unapproved status of the ETF and potential technical pullbacks.
