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Meme coin Bonk plans to launch an ETP — but is the SEC on board?

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5 hours ago

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The proposed BONK ETP — potentially the first ever meme coin exchange-traded product — could bridge the gap between crypto investors and Wall Street.

Bonk eyes Wall Street

Bonk (BONK), a top meme coin built on Solana (SOL), has announced plans to launch an Exchange Traded Product in the United States.

A core developer for Bonk, Nom, revealed the news at Solana’s Breakpoint event, which took place on Sept. 20-21. The meme coin is partnering with Osprey Funds, a New-York based firm known for bringing crypto assets into traditional markets.

As with any crypto ETP, the move aims to lower barriers for traditional and institutional investors to access crypto. An ETP acts as a representation of the underlying asset’s price — in this case the asset would be BONK — and can be traded on traditional stock exchanges, removing the specific complexities of crypto wallets and exchanges. 

According to the announcement, the ETP would be “seed funded by Bonk DAO and strategic partners” and made available to both retail and institutional investors. However, no official launch date has been confirmed yet.

If successful, this would be the first time a meme coin has entered the ETP space — a critical shift for a crypto asset category often seen as especially speculative, as well as short-lived and just plain unserious. 

Is a Bonk ETF a done deal?

While the Bonk community has announced plans to launch an ETP in the U.S., it’s important to understand that this doesn’t guarantee that the product will be approved for trading any time soon — or at all. 

The announcement is just the first step in what could be a long and uncertain journey, and regulatory approval from the U.S. Securities and Exchange Commission remains a key hurdle.

In the past, the SEC has been cautious about approving ETPs for even the top two cryptocurrencies, citing concerns about market manipulation, volatility, and lack of investor protections.

For Bonk’s ETP to get approved, the SEC would likely need to evaluate several things:

  • Market transparency: The SEC would want to ensure that the markets where Bonk tokens are traded are stable, transparent, and resistant to manipulation. Meme coins like Bonk are usually considered especially volatile and speculative, which could raise concerns.
  • Investor protection: The SEC’s main job is to protect investors. It would be looking at whether retail and institutional investors have enough information to understand the risks of investing in an ETP with Bonk as the underlying asset. Since meme coins can swing wildly in price, this could be a sticking point.
  • Market impact: The SEC would also consider whether introducing a Bonk ETP could disrupt financial markets or create unforeseen risks. It would closely evaluate how an ETP for a meme coin might behave differently from one for more established assets like Bitcoin or traditional stocks.

While Osprey Funds, which is handling the Bonk ETP, has experience with other crypto financial products, including Bitcoin ETFs, that still doesn’t guarantee success. 

Even ETP applications for the most well-known cryptocurrencies have faced delays and rejections from the SEC. For example, spot Bitcoin ETFs took years to get approved, and many applications were rejected before the first one was launched in January 2024.

In short, the SEC could approve the ETP, but they could also reject or delay it if they feel the risks are too high or the product doesn’t meet their standards. 

Bonk’s price action remains flat

The major announcement about launching the first-ever meme coin ETP created some buzz over the weekend, though it has not moved BONK’s spot price dramatically.  

As of Sept. 23, BONK is trading at $0.0000175, a 4.3% increase in the past 24 hours and a more notable 8% rise over the past seven days, which appears to be part of a wider meme coins rally this past week.

Compared to its top meme coin peers, however, BONK has been trading sideways recently. Shiba Inu (SHIB), for instance, has seen a more robust price increase, rising over 11% in the last seven days to trade at $0.0000145. 

Similarly, Pepe (PEPE) has outperformed BONK with gains of more than 13% on the week. Meanwhile, Dogwifhat (WIF) has been the biggest gainer among top meme coins, with an 18% increase over the past week, now trading at $1.75.

Meme coin investors, known for jumping into highly speculative assets, appear to be more focused on tokens like SHIB, PEPE, and WIF, which have shown stronger price action in recent days. 

Additionally, BONK’s relatively low profile compared to the likes of SHIB or PEPE could mean it’s being overshadowed by more established meme coins.

For now, BONK price action remains subdued. The meme coin’s price is still trading in a relatively tight range, down from recent highs in July and August. It remains to be seen if this trend will continue, or if more traders start taking notice as the regulatory filing process for the ETP develops.

Meme coin Bonk plans to launch an ETP — but is the SEC on board? - 1
BONK/USDT 1-hour chart, Aug. 15-Sept. 23 | Source: crypto.news

The announcement that Bonk is launching an ETP has sparked varied reactions across social media, split between excitement and skepticism. 

For some, this move signals a breakthrough, with one X user calling it “insane” (in a good way) and highlighting how Bonk could become the first meme coin to enter the ETF space. 

However, not everyone agrees that the industry needs meme coin-based traditional financial products to move forward. Another X user expressed concern that this might actually undermine crypto’s legitimacy. According to their perspective, the push to legitimize meme coins for traditional financial players could be more about inflating the asset’s value for existing holders than providing genuine value to the broader crypto industry. 

The worry is that moves like this could shift focus away from what crypto was initially, at least in part, intended to accomplish — offering decentralized alternatives to the traditional, mediated financial system — and lead to speculative bubbles instead.

Others added a layer of cynicism, suggesting that meme coins like Bonk are simply trying to find “alternative exit liquidity,” especially as competition heats up within the meme coin space. 

The coming months will reveal whether this ETP brings actual value or simply adds fuel to the speculative fire that often surrounds meme coins.





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Analyst

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Published

6 days ago

on

September 18, 2024

By


Sep 18, 2024 07:35&nbspUTC

| Updated:

Sep 18, 2024 at 07:35&nbspUTC

By&nbspClark

A leading crypto analyst has drawn a bold comparison between ETFSwap (ETFS) and Shiba Inu (SHIB), suggesting that buying ETFS at its current price of $0.03846 could offer the same massive growth potential as investing in Shiba Inu (SHIB) did back in 2020. With such a promising outlook, many investors are paying close attention to this emerging opportunity.

Why ETFSwap (ETFS) Might Surpass Shiba Inu’s 2020 Surge

At its current price of $0.03846, ETFSwap (ETFS) is leading the profitable wave of tokens that have the potential to transform lives in the market. Given the increase in demand for ETFS tokens during the current presale round, the crypto analyst projects that purchasing ETFSwap (ETFS) is like buying Shiba Inu in its initial stages of 2020. 

Beginners in cryptocurrencies can trade ETFs with ease thanks to ETFSwap’s (ETFS) user-friendly interface, which offers excellent profit opportunities around the clock. By enabling swapping between cryptocurrencies and ETFs, ETFSwap (ETFS) facilitates asset transfers across marketplaces with affordable costs and secure interfaces. 

Shiba Inu’s 2020 success is in jeopardy because the cryptocurrency market hasn’t had a platform with this kind of usefulness. Beyond market expectations, the ETFSwap (ETFS) system provides traders within its ecosystem with unparalleled flexibility and liquidity. This is due to the fact that, in contrast to conventional platforms, it permits asset trading without expiration. 

Furthermore, the ETFSwap (ETFS) system outperforms Shiba Inu by giving investors access to financial data via sentiment monitoring, forecasting algorithms, real-time data, and sophisticated analytics via its AI-powered ETF Screener and Tracker. The ETFSwap (ETFS) platform enables tokenized assets secured by stocks from authorized financial markets to be used by MiCa-compliant regulated investment enterprises. 

With the recent acquisition of a SOLIDProof certification of compliance for KYC verification, ETFSwap (ETFS) should be able to offer users more asset control and enhance the ecology of the platform. 

CyberScope audits also validate ETFSwap’s (ETFS) blockchain technology dedication to customer privacy and security. The bold prognosis of the crypto analyst has been drawn to this concentration on a secure trading environment. 

With plans to launch an ETF by 2025, ETFSwap (ETFS) poses a serious threat to Shiba Inu’s 2020 success. The beta platform is set to launch in a few days and is anticipated to increase market momentum. 

Shiba Inu’s Meteoric Rise In 2020

Shiba Inu, a decentralized cryptocurrency that was launched in 2020, saw an incredible increase that made its early supporters wealthy in less than a year. During that year’s incredible ascent, Shiba Inu saw an unprecedented 2,000% increase in value, rising from $0.00001 in 2020 to an all-time high of $0.00008845. 

This was the biggest rise the market had ever seen. Crypto analysts and other investors are keeping a close check on ETFSwap’s (ETFS) current presale round, which is valued at $0.03846, in an attempt to beat Shiba Inu’s record bullish trend of 2020 by getting in early. These investors might profit substantially from the platform if this encouraging trend keeps up. 

Conclusion

The crypto analyst is intrigued by the current ETFSwap (ETFS) presale due to its low price of $0.03846 and the possibility of large rewards. Owing to this demand, the crypto analyst believes that ETFSwap (ETFS) will exceed Shiba Inu’s 2020 performance. 

In less than three days, more than two million tokens have been sold during the current presale round, which is anticipated to conclude soon. Given the price of $0.03846 and the 50% discount on each transaction, the crypto analyst sees the presale phase as an incredible opportunity to improve people’s lives. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Clark

Head of the technology.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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doge

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Published

1 week ago

on

September 14, 2024

By


Sep 14, 2024 19:57&nbspUTC

| Updated:

Sep 14, 2024 at 19:57&nbspUTC

By&nbspClark

Ripple (XRP) has successfully averted a potential sell-off after rebounding from a key support level. On the other hand, Dogecoin (DOGE) is gradually recovering at $0.10, while Shiba Inu (SHIB) struggles with low momentum and liquidity. As investors anticipate larger market movements for Ripple (XRP), Dogecoin, and Shiba Inu, many are turning to ETFSwap (ETFS) as a strategic investment option.

Ripple (XRP) Struggles To Maintain Safe Zone Alongside Dogecoin (DOGE) and Shiba Inu (SHIB)

Earlier this week, Ripple (XRP) dipped below the crucial $0.50 level, raising investors’ concerns as some worried about a potential sell-off. To the surprise of many, Ripple (XRP) picked up pace, holding a solid position above its critical support. 

According to a top analyst, this recent price increase has allowed Ripple (XRP) break out of a Falling Wedge pattern, effectively terminating a major Ripple (XRP) sell-off. Reports from CoinGecko reveal that the price of Ripple (XRP) is currently sitting at $0.536. 

Meanwhile, the price of Dogecoin (DOGE) is following suit as it recovers from a week-long bearish slump below $0.10. Now trading confidently above $0.10 with a 2% gain, Dogecoin (DOGE) aims to remove the second zero in its decimal value. Supported by rising media interest and increased retail trading activity, Dogecoin may potentially break resistance levels, as it tests new support levels near $0.0859.

In contrast, Shiba Inu (SHIB), the second largest meme coin, is still stagnating, showing little price movement and trading at approximately $0.00001317. The price of Shiba Inu (SHIB) has been below key moving averages, showing a significant lack of momentum, unlike Dogecoin. 

While Shiba Inu holds a reputation for leading meme coin gains this year, alongside Pepe (PEPE) and Dogecoin, some Shiba Inu investors worry about its potential this Q4. Currently, Shiba Inu is testing key support levels around $0.0000111, with its weekly chart showing a potential price reversal. 

ETFSwap (ETFS) Is Leading Investors Into A New Investment Scheme With ETFs

The ETFSwap (ETFS) platform is set to revolutionize the crypto market by providing access to highly valuable Exchange Traded Funds (ETFs) backed by Real World Assets (RWAs). Trading these ETFs is made possible through the power of tokenization and blockchain technology. 

With ETFSwap (ETFS) users will be able to buy and trade several ETF of different classes, including cryptocurrency, leveraged, commodity, and fixed-income ETFs. This platform has also partnered with MiCA regulated investment banks to ensure regulatory compliance. 

Despite being an emerging decentralized platform, ETFSwap (ETFS) is making headlines and breaking records in its ongoing presale, promoting top analysts to project over 10,000% growth for its native token, ETFS.

Investing in the ETFS token now grants users access to early ETF listings, governance rights in the ETFSwap ecosystem, and monthly token airdrops. These tokens also help boost trading performance by enabling low transaction fees. 

ETFSwap (ETFS) also allows users to engage in staking pools to earn up to 36% in passive income, while they enjoy up to 87% APR yield, and special discounts on trading costs.

To ensure standard trading security and privacy, ETFSwap’s smart contracts have been audited by the best cybersecurity and blockchain audit firm, Cyberscope. In line with this, the ETFSwap (ETFS) team has also completed a KYC verification process on SolidProof, assuring its users of a safe and transparent trading network.

Now, in its third and last presale, ETFSwap (ETFS) is seeing even more adoption as more investors are catching on to its potential for gains. In due time, ETFSwap (ETFS) will launch its own ETF, while it allows users to get more high value ETF recommendations through its advanced AI-backed ETF screeners and trackers. 

Wrapping Up

With more anticipation brewing for ETFSwap (ETFS), its token, currently priced at $0.03846, could potentially surpass top coins like Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB). Thousands of investors are already taking advantage of its ongoing presale, purchasing over 500 million tokens in just a few months. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Clark

Head of the technology.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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analysts

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Published

2 weeks ago

on

September 11, 2024

By


Sep 11, 2024 14:51&nbspUTC

| Updated:

Sep 11, 2024 at 14:51&nbspUTC

By&nbspClark

Crypto analysts predict a solid bullish upward move for ETFSwap (ETFS) as September approaches. With predictions of a bullish breakout, ETFSwap (ETFS) is capturing attention, leaving other tokens like Polkadot (DOT) and Near Protocol (NEAR) in the spotlight for comparison. 

ETFSwap (ETFS): To Make Next Bullish Move As Forecasted By Analyst

With the crypto market facing uncertainty, ETFSwap (ETFS) is emerging as a promising alternative to Polkadot (DOT) and Near Protocol (NEAR). Analysts believe that ETFSwap (ETFS) will make a bullish move in September, and its competitors will struggle to keep up. As ETFSwap (ETFS) enters its final presale stage, investors and analysts can purchase the token at $0.03846, setting the stage for potential profits as the token is projected to make a bullish move.

As is evident, ETFSwap (ETFS) is known to support the trading of tokenized ETFs with up to 50x leverage to increase users’ trading capability. In contrast to traditional ETFs, ETFSwap (ETFS) enables users to swap tokenized ETFs for other cryptos, expanding their portfolios. The fact that the platform is still in its final stage is no wonder interested investors are buying the ETFS tokens massively to generate revenues.

ETFSwap (ETFS) has undergone an audit by the well-known security firm CyberScope, ensuring the platform is safe for users. All team members have passed the KYC check; it has positively influenced the development of confidence in the project and increased the number of registered users.

Over 15,000 users have registered for the platform’s KYC-free trading system, which offers trading for perpetuity with up to 50x leverage. The system also features an array of AI tools to identify patterns in the market and even predict them. In addition to AI tools like an ETF tracker and ETF screener, ETFSwap (ETFS) also comes with staking rewards, monthly airdrops, and up to an 87% APR yield, making it quite lucrative for investors and analysts.

Polkadot (DOT): Aims To Stay Afloat Amidst Uncertain Market Downturn 

Polkadot (DOT), a decentralized protocol known for using parachains to enhance speed and scalability, is now facing challenges. This platform allows more transactions, governance, and staking tokens. Recent market conditions have put pressure on it, with bearish trends dominating its charts.

After its 2020 launch, Polkadot (DOT) was once hailed as a significant contender in the crypto space, but its value has steadily declined from a yearly high of $10 to its current price of around $4.18. Last week, it dropped by 0.4%; over the past month, it slid by 12%, raising concerns among investors. As Polkadot (DOT) struggles to hold the $4 mark, many holders are growing uneasy, fearing the possibility of further downward movement in the coming days.

Near Protocol (NEAR): Recovers From Hack, Faces Struggles In The Market

Near Protocol (NEAR) is another coin trying to stay competitive with ETFSwap (ETFS), but it recently faced a setback when its X (formerly Twitter) account was hacked. Unlike typical breaches aimed at promoting fake airdrops or rug pulls, this hack took a different turn. The unidentified hacker used the account’s popularity to post hate messages targeting the crypto and Web3 sectors, adding Near Protocol to the list of projects hit by multiple hacks.

Near Protocol (NEAR) is trading at $3.87 at the time of writing, having dropped 2% over the past week and 4.5% over the past month. Despite this decline, its 24-hour trading volume surged by 16.4% to over $154 million, while its market cap saw a modest 4.3% increase, reaching $4 billion. Despite the recent challenges, Near Protocol (NEAR) continues to rank among the top 20 coins, according to CoinMarketCap.

Why Analysts Say ETFSwap (ETFS) Is The Best Bet To Buy In September 

Analysts believe that ETFSwap (ETFS) is in the process of raising more than $4 million, and the token’s price will increase when entering the bullish stage in September. Polkadot (DOT) and Near Protocol (NEAR) investors have already started shifting their funds into ETFSwap (ETFS), recognizing its potential for significant returns.

With the presale still ongoing and tokens available at a low price, analysts say now is the time for investors to act and secure their position before the token’s price climbs further. ETFSwap’s presale performance shows that it is most likely to surge massively as it makes its next bullish move and ranks as the best ETF trading platform in 2024.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Clark

Head of the technology.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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