While memecoins are facing a tough period and struggling to hold their value, some are making strides toward traditional markets. Following the launch of a Dogecoin exchange-traded fund, the Solana-based token BONK is now tradable on the SIX Swiss Exchange, one of Europe’s largest stock exchanges. This brings a new memecoin within reach of traditional investors.
Bonk Gets an Exchange Fund in Europe #
The investment product, an exchange-traded product (ETP), can be purchased by investors without needing a crypto wallet. This is precisely why providers issue such ETPs: they bridge the gap between the world of speculative tokens and the more traditional investment public.
The listing was managed by Bitcoin Capital AG, a Swiss issuer of crypto ETPs. The token saw a brief rally of about 5.8% yesterday afternoon shortly after the listing, but it almost immediately faded.
Bonk is now trading more than 80% below its all-time high set in November of last year.
Bonk is not a newcomer on the Solana network. The dog-themed memecoin was launched on Christmas Day 2022 via a community airdrop and positions itself as “the first Solana dog coin, for the people, by the people.”
Memecoins Plummet in 2025 #
While 2024 was dominated by extreme memecoin rallies, 2025 has so far shown the opposite picture. The majority of tokens that exploded last year are now deep in the red. PEPE, the popular frog-themed token on Ethereum, is trading about 83% below its December peak. FLOKI has lost more than 85% since its high last June.
Within the Solana ecosystem, the blows are just as hard: Dogwifhat has plummeted over 92% from its March peak.
Political tokens are performing even worse. For instance, Official Trump, a token associated with the former U.S. president, has almost completely evaporated with a 99.6% drop since its launch.
The total memecoin market reached its lowest level of 2025 on Friday. The market cap fell to €34 billion, with about €4.3 billion evaporating in a single day.
Despite the negative sentiment surrounding memecoins, Bonk’s new ETP listing appears to be an attempt to attract new attention outside the crypto domain. The Dogecoin ETF launched this week achieved a trading volume of €1.2 million, well below expectations.