Traders are increasingly bullish on Bonk BONK/USD following its listing on the CF Index.
What Happened: Bonk has been included in the CF Broad Cap Index alongside cryptocurrencies like Pepe, Fetch.ai and Sei. The CF Large Cap Index also includes top meme coin like Dogecoin and Shiba Inu, as well as Ethereum and Solana. On its official page, Bonk stated "The Dog is so excited."
CF Benchmarks is the world's first and leading digital asset index provider, authorized and regulated by the UK FCA, and providing daily reference rates and per second real-time indices since 2017. The indices are used by CME, BlackRock, Fidelity and 10 of 11 U.S. Bitcoin ETF issuers, as well as regulated spot venues like Coinbase, Gemini and Kraken.
The index is looking to capture 99% of the total market cap of the investible digital asset universe.
Why It Matters: BonkBot announced that it has burned 1.2 billion BONK, worth $40,502, in the past 24 hours. This takes the total BONK burned to 353.7 billion, worth $11.6 million based on current prices.
In the past 24 hours, BONK is down 8.2% to $0.00003198. However, month-over-month BONK is up15.5%.
Crypto trader Zer0 tweeted that he feels for all those who are selling Bonk at this price point. He stated, "But panic selling one of the strongest coins of this cycle at support ain't one."
Another crypto trader, Mayne, tweeted,
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: This Dog Coin Is Up 53% And ‘Still In Ripper Mode’… But It’s Not Dogecoin
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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