As of the time of this publication, the market capitalization of Bonk had reached $1.71 billion, representing a gain of 5.8 percent over the course of the previous day and 36 percent over the course of the previous thirty days. The daily trading volume of the meme currency increased by 76% over the course of the previous day, and it hovered at $285 million.
While everything was going on, Bitcoin was trading virtually unchanged, at about $68,000. At the same time, the global cryptocurrency market has been gradually recovering from the fall that occurred two weeks ago. Since the drop of $2.2 trillion on October 11, the total value of the cryptocurrency market has increased to $2.48 trillion.
Altcoins, particularly memecoins, often see a surge in value whenever Bitcoin has a consolidation. The reason for this is that traders often turn their attention to assets that are smaller and have a larger level of risk in the expectation of capturing more substantial short-term profits while Bitcoin is stabilizing.
The announcement that the meme currency, Bonk, is teaming with Osprey Funds, a company located in New York that is recognized for introducing crypto assets into conventional markets, to develop a BONK exchange-traded vehicle that will be called as Osprey BONK Trust was another factor that contributed to the strength of the surge.
As is the case with any cryptocurrency exchange-traded fund (ETP), the purpose of this move is to reduce the restrictions that conventional and institutional investors face when trying to get access to cryptocurrency.
Osprey Funds has already begun to accept investments from its first group of investor candidates who meet the necessary criteria. Immediately after this phase is complete, the trust will submit an application to have the BONK ETP listed on secondary markets.
Note:I think people will not learn from their mistakes and meme coins will rise again.The reason why I write the news by summarizing it is because I am bored. Explaining something by summarizing it requires experience, and the reason why I take a screenshoot is because it is very easy to photoshop now. That's why I'm giving references.
