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BONK Soars Over 45% After Coinbase Listing, Becoming Third-Largest Meme Coin on the Platform
Following its recent listing on Coinbase, the Solana-based meme coin BONK has experienced a remarkable surge of more than 45% within the past 24 hours.
This surge elevates BONK to the position of the third-largest meme coin on Coinbase, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).
Coinbase officially announced the listing of BONK on Wednesday, and as the exchange establishes a sufficient supply of the asset, trading on BONK-USD pairs will be introduced in phases.
However, Coinbase noted that support for BONK might be subject to limitations in specific jurisdictions.
🔥FACTS JUST IN🔥#BONK surged 35% in the past 24 hours after Coinbase (#COIN) said it would list the token on Thursday, making it the third largest meme coin behind dogecoin (#DOGE) and shiba inu (#SHIB) to be offered on the platform…👀🔥#Crypto #Coinbase #ShibaInu #Dogecoin pic.twitter.com/QgGajySQHu
— All Facts Crypto (@AllFactsCrypto) December 14, 2023
Tokens listed on Coinbase frequently experience short-term price pumps, thanks to the exchange’s discerning approach in selecting supported tokens.
Beyond potential short-term gains, being listed on Coinbase imparts a crucial sense of legitimacy to projects, capturing heightened attention from traders and the broader cryptocurrency community.
Post-announcement, prices rapidly regained nearly all the losses from the previous week. As of the current moment, BONK is trading at $0.00001467, reflecting an impressive surge of over 44% in the last 24 hours.
Unveiling the Momentum: Meme Coin’s Path to Success
Despite originating as a meme coin in December of the previous year, amid the setback caused by Sam Bankman-Fried’s downfall, which temporarily affected sentiment towards the Solana ecosystem, BONK experienced an unexpected surge in adoption. This shift was notable given Bankman-Fried’s past prominence as a key supporter of the Solana network.
As BONK evolved beyond its meme coin origins, it found substantial integration within the Solana ecosystem. Numerous projects within the Solana network embraced BONK as a means of payment for non-fungible tokens (NFTs), and some implemented unique “burn” mechanisms associated with NFT-based events in the weeks following its launch.
A distinctive characteristic of the BONK project is its decentralized nature, with a team comprising 22 individuals, and notably lacking a singular leader. All members of the team played a pivotal role in the inception and development of the project.
Before the advent of BONK, the team had already demonstrated its prowess by developing decentralized applications (dapps), non-fungible tokens (NFTs), and various other products on the Solana blockchain.
The recent surge in interest within the Solana ecosystem since October has notably amplified the allure of BONK, adding to its growing prominence and adoption.
SOL’s Continued Rise–
In recent days, Solana’s native cryptocurrency SOL has experienced significant gains, accompanied by its leading meme coin, BONK, reaching unprecedented all-time highs. Specifically, on Friday, SOL achieved a new 19-month peak, touching $73.85. Despite remaining substantially below its peak of nearly $260 in November 2021, SOL has demonstrated a noteworthy recovery from its low point around $8 in late 2022.
According to CoinGecko, SOL is presently trading above $71, indicating an 8% surge within the past 24 hours. This recent surge further underscores the resilience and ongoing positive momentum within the Solana ecosystem.
Solana’s NFT market has witnessed a significant uptick in trading volume, notably surpassing the traditionally dominant Ethereum. Projects like Mad Lads and Tensorians have recorded substantial price increases, multiplying several times over in recent weeks.
Noteworthy is the fact that the cumulative trading volume of Solana NFTs has currently exceeded that of Ethereum. This marks a remarkable shift as Ethereum has historically led in trading volume and housed some of the most valuable projects in the NFT space.
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