This triggered a broader rally in the meme coin market. While Bonk’s value increased by 5.8% in the last 24 hours, it increased by 36% in the last 30 days. Its market capitalization reached $1.71 billion at press time. The daily transaction volume of Meme coin increased by 76% in the last 24 hours, reaching over 285 million dollars.

Meanwhile, the global crypto market has slowly begun to recover from the decline two weeks ago, with Bitcoin trending sideways around $68,000. Crypto market value dropped to $2.2 trillion on October 11.

However, now the market value has increased to 2.48 trillion dollars. As Bitcoin consolidates, it is common for alternative coins, especially meme coins, to rise. Traders often move into smaller, higher-risk assets while waiting for Bitcoin to stabilize.

Bonk’s rally was strengthened when news spread that the meme coin was collaborating with New York-based Osprey Funds, which brings crypto assets to traditional markets. With this collaboration, Osprey aims to launch a BONK exchange-traded product (ETP) to be known as BONK Trust.

Osprey Funds aims to reduce barriers to accessing cryptocurrency assets. This initiative aims to facilitate access to crypto for both traditional and institutional investors.

Osprey Funds began receiving investments from the first group of qualified investors. Following this stage, the fund will apply for BONK ETP to be traded on secondary markets.

The community sentiment tracker on CoinMarketCap showed that traders have a positive attitude towards the meme coin and expect further increases. The increase in interest was also evident when BONK became a trending search term on Google on October 21.

Independent trader Unipics noted that Bonk on the X platform is ready to break out of a giant triangle formation that it has been consolidating since March 2024. Breaking out of this formation is considered an important sign of a bullish price reversal in technical analysis.

Technical indicators on the 1-day chart for Meme coin support the bullish expectation. BONK’s current price is positioned near the Upper Bollinger Band, while both lines of the Moving Average Convergence Divergence (MACD) indicator are above zero, suggesting that the bullish momentum will continue in the short term.

CoinGecko reports that meme coins were on a wave of gains on October 21, with total market cap rising 1.7% in the last 24 hours to over $65 billion.

Some analysts think this is just the beginning of a larger trend. Crypto analyst Murad Mahmudov predicts that we have entered the meme coin supercycle and expects the market to peak by the end of 2025.

These developments indicate that Bonk and the meme coin market in general will attract more attention and increase investor interest in the future.