Can Bonk Mirror Shiba Inu's Explosive Growth From Last Cycle?

Solana's SOL/USD leading meme coin, Bonk BONK/USD, has seen a price dip, but traders continue to emphasize its strong fundamentals and potential for a major rally.

What Happened: Crypto trader Unipcs argued on Thursday on X that there's no reason to be bearish on BONK at current levels, citing multiple bullish catalysts.

As the leading meme coin of Solana, the dominant blockchain of this cycle, BONK mirrors Shiba Inu's SHIB/USD role in Ethereum's ETH/USD last cycle—SHIB peaked at a $43 billion valuation, while BONK currently sits at just $2 billion.

Passive buys and burns from Bonkbot will accelerate as Solana gains traction, and BONK is already listed on all major retail exchanges.

Its low unit price makes it attractive to retail traders, and it’s one of the only meme coins with an ETF filing alongside DOGE and TRUMP.

Given the SEC's potential approval of these ETFs, BONK could see significant upside, the trader argues.

The BONKbot Burn Bot reported burning 1.4 billion BONK ($34,998) in the past 24 hours, bringing total burns to 603.3 billion BONK, worth $14.75 million.

Also Read: Meme Coin Supercycle? Dogecoin, Trump, Bonk Futures ETF Applications Filed

What's Next: Crypto trader Mammon suggests that while meme coins are experiencing corrections, the key is identifying those maintaining strong long-term structures.

He notes that BONK has held its December lows well and is likely bottoming before its next major run.

Many memecoins taken a beating ☠️

But now's the moment to spot those standing strong, maintaining their long-term structure and solid foundations$BONK maintains its high tf structure and holding the December lows very well

This looks to be bottoming here before the next run🚀 pic.twitter.com/XpAFUuKblS

— Mammon (@D_DTRADING) January 30, 2025

Read Next:

• Cathie Wood Dismisses Trump Meme Coin, Remains Focused On Bitcoin, Ethereum, Solana

Image: Shutterstock