In a striking move, Bonk (BONK) surged 9.87% to $0.00001494 as of July 2, catching the eye of investors amidst a wave of enthusiasm for meme tokens on the Solana network. This spike is largely attributed to Tuttle Capital’s latest procedural advancement for its proposed 2x Long BONK exchange-traded fund (ETF), which has been eagerly anticipated by market participants. The ETF, which aims to offer leveraged exposure to BONK, could become effective as soon as July 16, pending regulatory approval and logistical readiness.
Tuttle Capital’s Ambitious Play
Tuttle Capital’s foray into leveraged ETFs is not new, having initially filed a Form N-1A back in January for a suite of these financial products. The recent submission of a post-effective amendment on July 1 breathed new life into the prospects of the 2x Long BONK ETF, igniting renewed interest from the crypto community. “This procedural step is pivotal,” said Clara Thompson, a financial analyst specializing in blockchain assets. “It signals a maturing market where traditional finance mechanisms are embracing meme coins.” This mirrors the recent surge in Dogecoin’s price, highlighting a broader trend of meme coin popularity.
The proposed ETF lineup also includes products for other popular cryptocurrencies, such as SOL, TRUMP, MELANIA, XRP, ADA, and LTC. However, it’s important to note that the July 16 date merely marks the earliest potential launch—regulatory clearance is still pending.
Broadening the Meme Coin Horizon
The buzz around Tuttle Capital’s ETF filing has had a ripple effect across the meme token landscape. Investors appear eager to gain structured exposure to these volatile assets through conventional financial instruments. This enthusiasm for BONK is set against a backdrop of broader developments within the Solana ecosystem. Notably, Solana Mobile is winding down its Saga phone token redemption program, which will officially conclude on July 31. Out of 20,000 allocations, approximately 17,599 tokens have been claimed, with the remainder destined for the BONK DAO to fuel future ecosystem initiatives.
Meanwhile, Solana’s network expansion continues unabated. The inclusion of DeFi Development Corp as a validator marks a significant step towards increasing infrastructure decentralization. With over 350 on-chain integrations now in place, Solana is reinforcing its position as a formidable player in the DeFi and Web3 arenas, providing a fertile ground for tokens like BONK. This is reminiscent of the growing interest in meme coins like Donald Trump’s own crypto venture, which underscores the intersection of popular culture and cryptocurrency.
Technical Insights and Market Dynamics
From a technical standpoint, BONK’s recent rally saw it ascend from $0.0000136 to a peak of $0.00001524, marking a 12.1% increase. The price action was characterized by a break through resistance at $0.0000144 during the 16:00 UTC hour, supported by a robust trading volume of 1.38 trillion. However, a head-and-shoulders pattern emerged between 16:48 and 17:47 UTC, suggesting potential exhaustion in the upward momentum.
The price eventually retraced below $0.00001500 amidst significant selling pressure, recording a hefty 73.9 billion in volume during the 17:39 candle. Current support is identified around $0.0000142, buoyed by substantial buying activity earlier in the day. Elevated volatility and trading volume hint at sustained short-term speculative interest.
Looking Ahead
As the countdown to July 16 continues, all eyes are on whether Tuttle Capital’s proposed ETF will clear the regulatory hurdles in time. Should the ETF launch successfully, it could herald a new era of meme token investment, merging the worlds of crypto exuberance and traditional finance. Yet, questions linger about the long-term sustainability of such products in a market known for its capricious nature. Only time will tell if BONK’s current momentum is a fleeting spark or the dawn of a new trend in crypto investing.
Source
This article is based on: BONK Surges 10% as Tuttle Capital Sets July 16 as Earliest Launch Date for Its 2X Leveraged ETF
Further Reading
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- ETH Surges 9% as Crypto Market Celebrates Trump’s Ceasefire Announcement
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
