Solana-based memecoin Bonk (BONK) has officially begun trading on Switzerland’s SIX Swiss Exchange after Bitcoin Capital listed a regulated exchange-traded product (ETP) tied to the token. The listing positions BONK on one of Europe’s largest stock markets, allowing traditional investors to gain exposure through standard brokerage accounts without needing a crypto wallet or direct token custody.
BONK, launched on Dec. 25, 2022, through a large community airdrop, markets itself as “the first Solana dog coin for the people, by the people.” The token rose about 5.8% on Thursday, though it remains down roughly 83% from its November 2024 all-time high.
Bitcoin Capital AG, based in Switzerland, is an established issuer of crypto ETP products. BONK’s European debut follows Grayscale’s U.S. launch of the first Dogecoin ETF earlier this week, which recorded only $1.4 million in first-day volume far below the expected $12 million.
Memecoin valuations crumble in 2025
Memecoins dominated crypto headlines throughout 2024, delivering outsized returns and attracting massive retail speculation. But the trend has sharply reversed in 2025, with most leading tokens experiencing steep drawdowns.
According to CoinGecko data:
- PEPE is down ~83% from its December 2024 peak.
- FLOKI has dropped more than 85% from its June 2024 high.
- Solana’s Dogwifhat (WIF) has plunged over 92% since its March 2024 peak.
- Political memecoins have collapsed even further—TRUMP is down 99.6% from launch highs.
Overall, the memecoin market cap fell to $39.4 billion, its lowest level of 2025, wiping out $5 billion in a single day, per CoinMarketCap.