Is BONK the New Doge? Solana Meme Coin Outshines Rivals

Solana’s answer to Dogecoin (DOGE) and Shiba Inu (SHIB), the meme coin BONK, has been defying the downtrend plaguing the crypto market. While established meme coins are struggling, BONK has exhibited relative strength, sparking interest among traders who see potential for further gains.

Bonk’s Rally Catches Attention

On July 8th, prominent crypto traders like Cold Blooded Shiller and Mayne noticed BONK’s resilience on daily charts. Shiller highlighted a potential “good value” opportunity despite the token being rejected from a key resistance level. Mayne pointed out BONK’s impressive outperformance compared to Dogwifhat (WIF), up 200% since April. Millionaire trader “Bonk Guy” also chimed in, anticipating continued upside for the meme coin in the coming months.

Bullish Signs, But Caution Advised

Another popular crypto trader noted a “bullish market structure reversal” for BONK around a crucial support level. While acknowledging the “huge” upside potential, they emphasized the importance of avoiding impulsive buying based solely on price surges. Instead, they advise waiting for a “higher low” confirmation before entering a trade.

Outperforming the Pack

According to CoinGecko data, BONK has surged 17.6% over the past two weeks, leaving established meme coins like Dogecoin (-8%), Shiba Inu (-2%), and Dogwifhat (+2.5%) in the dust. This impressive performance has fueled speculation and excitement within the crypto community.

Robinhood Rumors Fuel Speculation

Adding to the buzz, Bloomberg recently reported that Robinhood, a popular online brokerage, might offer cryptocurrency futures trading in the US and Europe, potentially including BONK. While this remains unconfirmed, the possibility has further amplified interest in the meme coin.

Looking Ahead

The upcoming Benzinga’s Future of Digital Assets event in November is expected to delve deeper into the influence of meme coins and Bitcoin’s growing acceptance as an institutional asset class. Whether BONK can maintain its momentum remains to be seen, but its recent outperformance has undoubtedly placed it on the radar of traders looking for opportunities in a challenging market environment.