Solana-Based Meme Coin BONK Surges 45% after Coinbase Listing

Ruholamin Haqshanas
Last updated: | 2 min read
Source: Adobe

Solana-based meme coin BONK has gained more than 45% in the past 24 hours following the announcement of its listing on the prominent exchange Coinbase.

The move positions BONK as the third-largest meme coin, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB), to be offered on the platform.

Coinbase announced on Wednesday that it would list BONK.

“Once sufficient supply of this asset is established, trading on our BONK-USD trading pairs will launch in phases,” the exchange said, noting that the support for BONK might be limited in certain jurisdictions.

Coinbase’s listings often lead to short-term price pumps for the tokens involved, as the exchange maintains a selective approach to the tokens it offers. 

Being listed on Coinbase can provide a sense of legitimacy to the projects and attract traders’ attention.

Following the announcement, BONK prices quickly reversed nearly all the losses it had incurred in the previous week. 

At the time of writing, BONK was trading at $0.00001467, up by more than 44% over the past day. 

How BONK Meme Coin Found Momentum?

BONK tokens were issued in December last year, following the downfall of Sam Bankman-Fried, which negatively impacted sentiment towards the Solana ecosystem at the time, as Bankman-Fried had been a prominent supporter of the network.

Although initially conceived as a meme coin, BONK quickly gained adoption within the Solana ecosystem. 

Numerous Solana projects integrated the token for use as payment for non-fungible tokens (NFTs), while others employed “burn” mechanisms for NFT-based events in the weeks after its launch.

The BONK project consists of a team of 22 individuals without a singular leader, all of whom were involved in its inception. 

Prior to BONK, the team had developed decentralized applications (dapps), NFTs, and other related products on the Solana blockchain.

The strong interest in the Solana ecosystem since October has significantly boosted the appeal of BONK. 

SOL Extends Gains as Market Rally Continues

Over the past couple of days, Solana’s native cryptocurrency SOL has posted significant gains and its leading meme coin BONK reached new all-time highs. 

On Friday, SOL reached a new 19-month peak, touching $73.85.

Although still a far cry from its all-time high of nearly $260 in November 2021, SOL has made a remarkable recovery from its low of around $8 in late 2022. 

Currently trading above $71, SOL has recorded a 8% surge in the past 24 hours, according to CoinGecko.

As reported, Solana’s NFTs have also witnessed considerably higher trading volume, surpassing even that of Ethereum.

Projects like Mad Lads and Tensorians have seen significant price increases, multiplying several times over in recent weeks. 

Moreover, the collective trading volume of Solana NFTs has now surpassed that of Ethereum, which traditionally leads in trading volume and hosts the most valuable projects.