Solana-based memecoin Bonk is now trading on Switzerland’s SIX Swiss Exchange following the listing of a regulated exchange-traded product (ETP) tied to the token by Bitcoin Capital. This listing brings the memecoin to one of Europe’s largest stock markets, enabling investors to gain exposure to Bonk (BONK) through standard brokerage accounts without the need for wallets or direct token custody.
BONK is a dog-themed memecoin on Solana that was launched on Christmas Day 2022 via a community airdrop. The token brands itself as "the first Solana dog coin for the people, by the people." As of Thursday morning, the token was trading up approximately 5.8%, though it remains down around 83% from its all-time high in November 2024.
Bitcoin Capital AG, the issuer of the BONK ETP, is a Switzerland-based company specializing in crypto exchange-traded products.
The launch of the BONK ETP in Europe follows Grayscale's introduction of a Dogecoin ETF in the US on Monday. The Dogecoin fund recorded approximately $1.4 million in first-day trading volume, falling short of the $12 million expectations, according to Bloomberg ETF analyst Eric Balchunas.
The Shifting Landscape of Memecoins in 2025
Memecoins, which are cryptocurrencies driven primarily by internet culture and community sentiment rather than technical fundamentals, were a significant part of the crypto narrative in 2024, leading to substantial profits for many traders. However, the memecoin trend has seen a sharp decline in 2025, with many tokens that previously thrived now experiencing significant drops in value.
Data from CoinGecko indicates that PEPE (PEPE), a frog-themed token on Ethereum, is down approximately 83% from its peak in December 2024. Similarly, FLOKI (FLOKI), a dog-themed token operating on Ethereum and BNB Chain, has fallen by more than 85% from its high in June 2024.
Dogwifhat (WIF), a Solana-based token, has experienced an even more pronounced decline, dropping over 92% since its all-time high in March 2024.
Politically themed memecoins have faced even greater challenges. Official Trump (TRUMP), a token using the name of US President Donald Trump without any confirmed affiliation, has seen a significant decrease, falling approximately 99.6% from its launch peak.
On Friday, the total market value of memecoins decreased to $39.4 billion, marking the lowest level recorded in 2025. According to CoinMarketCap, approximately $5 billion was erased from the memecoin market in a single day.