Solana-based memecoin Bonk is currently trading on the SIX Swiss Exchange in Switzerland after Bitcoin Capital listed a regulated exchange-traded product (ETP) related to the token.
This listing brings Memecoin into one of Europe’s largest stock markets, allowing investors to gain exposure to BONK through standard brokerage accounts, eliminating the need for wallets or direct custody of tokens.
BONK is a dog-themed meme coin on Solana that was launched through a community airdrop on Christmas Day 2022. The company brands itself as “the first Solana Dog Coin, by the people, for the people.”
On Thursday morning, the token was up about 5.8%. However, it is still down about 83% from its all-time high in November 2024.
Bitcoin Capital AG is a Swiss-based issuer of crypto exchange traded products.
The launch of BONK ETP in Europe follows Grayscale’s debut of the Dogecoin ETF in the US on Monday. The fund’s first-day trading volume was only about $1.4 million, well below expectations of $12 million, according to Bloomberg ETF analyst Eric Balchunas.
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The end of meme coins in 2025
Meme coins (virtual currencies whose value is driven primarily by internet culture and community sentiment rather than technical fundamentals) have driven much of the crypto story of 2024, and many of these tokens have yielded huge profits for savvy traders.
However, the meme coin story will decline sharply in 2025, and many of the tokens that flourished a year ago are now significantly lower.
The frog-themed token PEPE (PEPE) on Ethereum is down about 83% from its peak in December 2024, according to data from CoinGecko. FLOKI (FLOKI), a dog-themed token built on Ethereum and the BNB chain, experienced a similar decline, dropping more than 85% from its June 2024 high.
Dogwifat (WIF), a Solana-based token, has been hit even harder, falling more than 92% from its all-time high in March 2024.
The situation for political-themed meme coins got even worse. Official Trump (TRUMP), a token that uses the name of US President Donald Trump and has no confirmed affiliation, is down about 99.6% from its peak at launch.
On Friday, the market value of meme coins fell to $39.4 billion, the lowest level recorded in 2025, erasing about $5 billion in a single day, according to CoinMarketCap.
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