Binance Lists New Solana-Based Meme Coin Amidst 2,500% Price Surge – Bull Market Officially Here?

Fredrik Vold
Last updated: | 1 min read
Surging price
Source: Adobe / Olivier Le Moal

Binance, the world’s largest crypto exchange by trading volume, has added fuel to the frenzy surrounding the Solana-based meme coin BONK by announcing the launch of a BONK futures offering.

The listing comes as BONK has seen a dramatic surge in the market, rising more than 50% in the past 7 days alone, per data from CoinGecko.

The token has been making new all-time highs on a daily basis as of late, after breaking through its previous all-time high from January this year earlier this week.

As of press time on Thursday, BONK had a market capitalization of just over $270 million, ranking it as 158th most valuable cryptoasset by market cap, per CoinGecko’s ranking.

BONK price chart
BONK price since inception. Source: CoinGecko

The new listing on Binance Futures is for USDⓈ-M 1000BONK, a USD-margined and settled contract with leverage up to 50x.

The surge in BONK’s popularity is seen by some as riding the coattails of Solana’s recent success, marked by a surge in the price of the network’s native token SOL.

While SOL has experienced an impressive 80% gain over the last 30 days, BONK easily outshone its counterpart with a huge gain of roughly 1,200% over the same time period.

PYTH listing

Besides BONK, Binance on Wednesday also announced the listing of a perpetual futures contract for PYTH, another hot Solana-based token.

The new listings are scheduled to go live on November 22, 2023, at 14:00 (UTC) and 14:30 (UTC), respectively.

First listings by new Binance CEO

The addition of BONK and PYTH to Binance’s platform is particularly noteworthy in light of recent challenges faced by the exchange, including the departure of high-profile founder and former CEO Changpeng Zhao (CZ), as well as significant outflows that on Wednesday reached $900 million in 24 hours.

It is widely believed that the new listings are part of a marketing strategy orchestrated by the new Binance CEO, Richard Teng.