Amid the Spot Bitcoin ETF approval frenzy, memecoin Bonk BONK/USD catapulted 19.5% higher in the last 24 hours. This week, a trader who had previously made millions from betting on Bonk has again invested in the memecoin.
What Happened: Bonk skyrocketed 19.5% over the last 24 hours, taking its seven-day gains to over 30%. That contrasts the performance of other memecoins, such as Dogecoin DOGE/USD, which is up only 8% on the day and almost flat on the week (+0.2%), and Shiba Inu SHIB/USD, up 7.5% on the day.
Interest in BONK is backed by notably higher a 24-hour trading volume of $592 million compared to $338 million in SHIB over the same timeframe
Why It Matters: Lookonchain, an on-chain data analytics firm, indicated that a trader who earned significant profits by purchasing BONK earlier is optimistic about the token again.
The trader, who previously earned $6.9 million from BONK, spent 386 Solana SOL/USD, equivalent to $40,000, to buy 3.29 billion BONK on Tuesday.
In the past nine months, the trader has collected 371.4 billion BONK, spending 6,998 SOL equivalent to $276,000. During the BONK rally, the trader sold half of the BONK for $5.2 million.
What’s Next: Self-proclaimed “degen” X user notEezzy tweeted “BONK is the next $DOGE, $WIF is the next $BONK. $MYRO is the next $SHIB.”
Ansem, a prominent Solana influencer, tweeted “yea so I heard the bitcoin etf just got approved, what are you guys buying? what’d you say it’s called? bonk? so it’s like Dogecoin on Solana?”
