BONK, a meme coin based on the Solana blockchain, experienced a 45% increase in value following the announcement of its listing on Coinbase, a major crypto exchange.
This surge propelled BONK to become Coinbase’s third-largest meme coin, trailing only the well-known Dogecoin and Shiba Inu.
In its official announcement, Coinbase stated, “Once sufficient supply of this asset has been established, trading on our BONK-USD trading pairs will launch in phases.” It was clarified, however, that the availability of BONK/USD trading pairs may vary by region.
Coinbase’s decision to list a specific token is frequently interpreted as a vote of confidence in the cryptocurrency community.
As a result, when new tokens are added to Coinbase, their prices tend to rise as investors interpret the move as a recommendation from a reputable platform.
BONK’s recent price increase follows a recovery from the previous week’s decline, reaching $0.000014 with a trading volume of $235 million.
It’s worth noting that BONK arose in the aftermath of the Sam Bankman-Fried incident, which temporarily harmed the Solana network’s reputation.
Despite its origins as a meme coin, BONK has grown in popularity, particularly among non-fungible tokens (NFTs). It is commonly used for NFT transactions as well as special NFT events.
Surprisingly, BONK was created by a team of 22 people, with no single leader. The BONK team’s collaborative efforts have resulted in the creation of decentralized applications (dApps), NFTs, and various projects on the Solana blockchain.
The growing interest in Solana, as evidenced by its market value increasing from $50 million to $800 million since October, has played a critical role in boosting BONK’s overall enthusiasm.
The increased visibility and popularity of both Solana and BONK highlight the evolving cryptocurrency landscape in 2023.
