Solana-based memecoin Bonk is now trading on Switzerland’s SIX Swiss Exchange after Bitcoin Capital listed a regulated exchange-traded product (ETP) tied to the token.
The listing brings the memecoin into one of Europe’s largest stock markets, allowing investors to gain exposure to Bonk (BONK) through standard brokerage accounts, removing the need for wallets or direct token custody.
BONK is a dog-themed memecoin on Solana that launched on Christmas Day 2022 through a community airdrop. It brands itself as “the first Solana dog coin for the people, by the people.”
On Thursday morning, the token was up around 5.8%. However, it’s still down around 83% from its all-time high in November 2024.
Bitcoin Capital AG is a Switzerland-based issuer of crypto exchange-traded products.
The BONK ETP launch in Europe follows Grayscale’s debut of a Dogecoin ETF in the US on Monday. The fund saw only about $1.4 million in first-day trading volume, well below $12 million expectations, according to Bloomberg ETF analyst Eric Balchunas.
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The demise of memecoins in 2025
Memecoins, cryptocurrencies whose value is driven primarily by internet culture and community sentiment rather than technical fundamentals, drove much of the crypto narrative in 2024, with many of those tokens making huge profits for savvy traders.
However, the memecoin narrative has faded sharply in 2025, and many of the tokens that thrived a year ago are now significantly down in value.
According to CoinGecko data, PEPE (PEPE), a frog-themed token on Ethereum, is down about 83% from its December 2024 peak. FLOKI (FLOKI), a dog-themed token built on Ethereum and BNB Chain, has seen a similar slide, falling more than 85% from its June 2024 high.
Dogwifhat (WIF), a Solana-based token, has been hit even harder, dropping over 92% since its March 2024 all-time high.
Politically themed memecoins have fared worse. Official Trump (TRUMP), a token that uses US President Donald Trump’s name without any confirmed affiliation, is down about 99.6% from its launch peak.
On Friday, the market value of memecoins fell to $39.4 billion, the lowest level recorded in 2025, with about $5 billion erased in a single day, according to CoinMarketCap.
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