BONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit.

Bonk (BONK), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (WIF) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain.

Why is BONK going up?

The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to data from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors.

Bonk’s recent rally followed its listing on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing.

Another key factor driving the altcoin’s gains is Bonk DAO’s announcement of a massive 1 trillion token burn scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity.

Whales have also been interested in the meme coin lately. According to data shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up 29.32 billion BONK at $0.0000387.

Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains.

Bullish momentum to continue

BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines. 

Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels.

Despite the overbought status, an analyst suggests that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days. 

This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day.

Soon-to-be President Donald Trump is looking at Teresa Goody Guillén, an experienced Securities attorney with a strong background in traditional finance and blockchain regulation, as a potential candidate to head the U.S. Securities and Exchange Commission.

If chosen, her appointment could mark a significant shift in the agency’s regulatory stance compared to the current ‘anti-crypto’ approach under Gary Gensler. 

The Trump administration has expressed its intention to move away from what it coined as “regulation by enforcement” in the cryptocurrency space. During his campaign, Trump promised to fire Gensler on his first day in office, and reports suggest that Gensler is already getting ready to resign before Trump takes office, for a second time, on Jan 20. 

Trump’s team is said to be looking for someone who is knowledgeable about digital assets and can soften the SEC’s stance on harsh crypto regulations until Congress offers a more definitive legislative direction. The blockchain and finance moguls see Goody Guillén as a perfect fit for this vision. Her supporters point out her firm grasp of security law and thoughtful approach to regulation. Guillén’s unique blend of experience with the SEC and her advocacy of blockchain companies has earned her considerable backing from both crypto leaders and traditional finance executives. 

Goody Guillén is a partner at BakerHostetler, where she co-heads the firm’s blockchain division.  According to her LinkedIn, she worked in the SEC’s office as the general counsel from 2009 to 2011. She then collaborated with former SEC Chair Harvey Pitt to provide counsel on enforcement issues.  

This combination of insider knowledge and advocacy against the SEC’s enforcement actions has made her an ideal candidate for the position, especially in the wake of Trump’s team looking for a pro-crypto regulator to revamp the SEC. Brendan Playford, co-founder of the decentralized data provider Masa, referred to her as “an instant change-maker” who has the potential to restructure the finance industry. 

Goody Guillén is one of many competitive groups of candidates for the SEC Chair position, which also includes major figures like Robert Stebbins from Willkie Farr & Gallagher, Brad Bondi from Paul Hastings, former SEC commissioner Paul Atkins, and Brain Brooks, who previously served as Acting Controller of the Currency. 

The Trump transition team is moving quickly this time around, and it is planning to announce the new SEC chair before Thanksgiving, as reported by CoinDesk.  This urgency brings to light the administration’s focus on rapidly changing financial regulations. If Goody Guillén is appointed, her leadership could lead to significant shifts in how the SEC handles crypto regulations. With the Trump administration already making some bold and controversial picks for Cabinet positions, many are keeping a close eye, as this could mean a make-or-break for regulatory reforms in the next four years.   

A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) may be gearing up for an explosive surge.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE has more upside potential based on the level of public interest relative to its current price level.

He uses Google search trends to gauge the level of interest for the top memecoin by market cap.

“I read people saying Dogecoin will not go higher because of ‘market cap,’ ‘sell the news,’ ‘better memes.’ Well, when you look at the interest in DOGE over time, it isn’t even at peak popularity yet. Long story short, DOGE has way more room to grow.”

He also says that DOGE may be forming a bull flag pattern on the hourly timeframe and may soon surge past its all-time high of about $0.74. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.

“Dogecoin appears to form a bull flag! I’m looking out for an hourly close above $0.40 which could trigger a breakout to $0.85!”

DOGE is trading for $0.3742 at time of writing, up 3.6% in the last 24 hours but down about 49% from its all-time high of $0.731.

Lastly, the analyst says that Bitcoin (BTC) may override a bearish signal from the TD Sequential indicator and hit six figures.

Traders use the TD Sequential indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“Finally, I believe a sustained daily close above $91,900 will invalidate this bearish Bitcoin outlook and trigger a breakout to $100,680!”

Bitcoin is trading for $90,885 at time of writing, up 1.6% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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