Author：Encryption Jianghu

The 2025 cycle is turning into a full-on reboot for the memecoin space.

Dogecoin [DOGE] kicked things off with its first U.S.-listed ETF (DOJE), which went live on the 18th of September. Now, other assets are starting to follow, showing a clear shift in how the market views memecoins.

Most recently, Bitcoin Capital rolled out a Bonk [BONK] ETP on Switzerland’s third-largest stock exchange [SIX], adding another layer of institutional legitimacy and reinforcing confidence in the asset.

“The listing is an important step forward for Bonk, demonstrating its progression from meme coin origins to a respected financial asset.”

The market’s reaction has been clearly bullish.

On the weekly chart, BONK was up 9.24%, at press time, almost double Bitcoin’s [BTC] move. The BONK/BTC ratio was also up 4.57%, printing its first green weekly candle after five straight red weeks that wiped out roughly 30%.

From a technical standpoint, that means almost half of BONK’s upside this week is coming from rotational flows, with the rest driven by “BONK-specific” momentum, hinting that the interest is ticking back up.

However, the launch of Grayscale’s Dogecoin ETF (GDOG) brings the “risk-reward” profile back into focus. Put simply, GDOG’s performance provides a blueprint, highlighting the risks that persist in the memecoin space.

Smart money drives BONK, but memecoin risks persist

BONK’s 9% rally this week is being fueled by smart money flows. 

AMBCrypto flagged massive 4.1 trillion buy orders, showing a solid bid base that kicked in around the ETP launch. This is a sign that big players were positioning ahead of the move.

That said, the BONK launch follows Grayscale’s underwhelming Dogecoin ETF [GDOG] debut in the U.S. four days ago, where first-day trading hit $1.4 million vs. $12 million forecasts, with net inflows of only $2.16 million.

In other words, Grayscale’s GDOG launch fell short of expectations.

However, this isn’t a fluke. The memecoin frenzy from 2024 has clearly cooled. Tokens like Pepe [PEPE] (-83%), Floki [FLOKI]  (-85%), and dogwifhat [WIF] (-92%) are far below their previous peaks, while DOGE remains capped below resistance.

Against this backdrop, BONK’s ETP appears to be a high-risk trade.

Final Thoughts

• Bitcoin Capital has introduced a BONK ETP on the Swiss Exchange, bringing memecoins further into the mainstream after DOGE.
• But with BONK still trailing DOGE’s gains, can it really catch up?