Memecoin risk-reward profile back in focus after BONK ETP launch.

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.