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BONK Surges 10% on 2x ETF News; Circle (CRCL) Stock Skyrockets 500% Amid South Korean 'Kimchi Premium' Frenzy | Flash News Detail | Blockchain.News
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7/2/2025 3:37:09 PM

BONK Surges 10% on 2x ETF News; Circle (CRCL) Stock Skyrockets 500% Amid South Korean 'Kimchi Premium' Frenzy

BONK Surges 10% on 2x ETF News; Circle (CRCL) Stock Skyrockets 500% Amid South Korean 'Kimchi Premium' Frenzy

According to @KookCapitalLLC, the Solana-based meme coin Bonk (BONK) surged 9.87% to $0.00001494 after Tuttle Capital filed an amendment for its proposed 2x Long BONK ETF, setting July 16 as the earliest possible effective date, although the product is not yet approved. The filing also covers leveraged ETFs for other cryptocurrencies like Solana (SOL), XRP, Cardano (ADA), and Litecoin (LTC). Technical analysis indicates BONK broke resistance at $0.0000144 but formed a head-and-shoulders pattern, signaling potential exhaustion with current support around $0.0000142. Concurrently, Circle (CRCL) stock has become a prime target for South Korean retail investors, who have invested nearly $450 million, driving the share price up over 500% since its debut. This buying frenzy, reminiscent of the 'Kimchi premium,' is reportedly fueled by South Korea's moves to legalize KRW-backed stablecoins, positioning Circle as a key global investment for stablecoin infrastructure exposure.

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Analysis

In a dynamic display of market sentiment, Solana-based meme coin Bonk (BONK) captured trader attention with a significant price rally, while cross-market activity highlighted a speculative frenzy surrounding stablecoin issuer Circle (CRCL) in South Korea. Analysis from KookCapitalLLC shows BONK surging nearly 10% on July 2, driven by renewed excitement over a proposed leveraged exchange-traded fund (ETF). This confluence of events underscores the growing intersection of meme culture, traditional finance, and regional market manias, offering unique opportunities and risks for traders.



BONK Price Skyrockets on Leveraged ETF Speculation



BONK experienced a sharp upward move, climbing to $0.00001494 after a 9.87% gain on July 2. The catalyst for this rally appears to be a procedural update from Tuttle Capital regarding its proposed 2x Long BONK ETF. On July 1, the firm filed an amendment indicating that the fund's earliest possible launch date is July 16, pending full regulatory approval from the SEC. It is crucial for traders to understand this date is not a guaranteed launch but the earliest point at which the ETF could become effective. This news alone was enough to ignite speculative buying, demonstrating the market's high sensitivity to products that bridge crypto assets with traditional financial markets. The proposed suite of ETFs also includes leveraged exposure to other major assets like Solana (SOL), XRP (XRP), Cardano (ADA), and Litecoin (LTC), hinting at broader institutional interest in providing regulated trading vehicles for a diverse range of cryptocurrencies.



BONK Technical Analysis and Key Levels



From a technical standpoint, BONK's price action was volatile and volume-driven. The token climbed from a low of $0.0000136 to a peak of $0.00001524, a 12.1% intraday swing. A key moment occurred during the 16:00 UTC hour when BONK broke through a significant resistance level at $0.0000144 on a massive volume surge of 1.38 trillion tokens. However, this bullish momentum showed signs of exhaustion shortly after. A head-and-shoulders pattern formed between 16:48 and 17:47 UTC, often a bearish reversal signal. The subsequent breakdown below the psychological $0.00001500 mark was met with heavy selling pressure, evidenced by 73.9 billion in volume during a single candle at 17:39 UTC. For traders looking ahead, immediate support can be found near the $0.0000142 level, an area that saw substantial buying volume earlier in the day around 13:00 UTC. The elevated volume and volatility suggest that BONK will remain a playground for short-term speculators closely watching ETF headlines and Solana ecosystem developments.



Circle (CRCL) Stock Mania and the 'Kimchi Premium'



While BONK captured the meme coin narrative, a separate but related story of speculative fervor unfolded in the stock market. Shares of the newly listed stablecoin issuer Circle (CRCL) have become a sensation among South Korean retail investors. According to reports from Bloomberg, these traders have poured nearly $450 million into CRCL stock, making it the most purchased overseas stock in the country for June. This intense buying pressure caused the stock to rally over 500% since its debut, at one point giving the company a market capitalization that exceeded the value of its own USDC stablecoin. This phenomenon is reminiscent of the well-known "Kimchi premium," where aggressive buying from South Korean investors pushes asset prices on local exchanges significantly higher than their global counterparts, a trend previously seen in assets like XRP and DOGE.



The thesis driving this investment appears linked to domestic policy changes. South Korea's government has been fast-tracking reforms to legalize won-backed stablecoins, creating a potential windfall for fintech companies. This has already benefited local players like KakaoPay, whose shares have soared. Korean investors seem to be treating Circle as the premier global proxy for the entire stablecoin infrastructure sector. This cross-market activity highlights a key opportunity for crypto traders: monitoring regional stock market trends can provide leading indicators for sentiment in related digital assets. The performance of other assets in the proposed Tuttle ETF, such as Litecoin (LTCUSDT), which gained 6.9% to hit $90.13, and Cardano (ADAUSDT), which surged 8.6% to $0.6047, further illustrates the broad-based positive sentiment currently permeating the market.

kook

@KookCapitalLLC

Retired crypto hunter seeking 1000x gems through BullX strategies

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