The second-biggest meme coin on Solana, Bonk (BONK), experienced a 6.5% rise in price after Rex Shares filed for a spot exchange-traded fund. This increase makes Bonk one of the best-performing Solana meme coins, with a 26% climb in the past week. Rex Shares, an asset management firm with over $8 billion in assets under management, also applied for ETFs tied to Ethereum, Bitcoin, Solana, Ripple (XRP), and Dogecoin. Analysts believe the SEC, under Paul Atkins' leadership, may be more open to approving spot crypto ETFs, but it is uncertain if they will approve funds for meme coins like Bonk. While crypto ETFs have attracted significant investment from institutional investors, it is likely that most institutions will avoid allocating substantial funds to meme coins. Bonk, launched in 2022, has a market cap of over $2.3 billion but faces competition from other Solana-based meme coins. The coin's price chart shows bullish patterns, suggesting a potential breakout and further gains. The next level to watch is its 2024 high of $0.000060, representing a 77% upside. However, for Bonk's price to increase tenfold, it would need to reach $0.00033, approximately 900% above its current price, which may take several years.



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