- BONK experienced a 40% price surge following its listing on Coinbase.
- Meme coin Bonk joins Doge and Shiba on Coinbase, price leaps 40%!
BONK, a meme is the latest sensation as a meme coin in crypto space which is built on the Solana blockchain, has witnessed a significant surge of 40% in its price following its listing on the prominent cryptocurrency exchange, Coinbase.
Impact of Coinbase Listing on BONK’s Price
Coinbase has its own selective approach to listing tokens that often leads to a price boost for listed projects, as traders perceive it as a sign of legality. Following the announcement of BONK’s listing on Coinbase, the token’s prices reversed almost all losses from last week since Wednesday morning. At the time of writing, BONK was trading at $0.000014 on Thursday morning, with a trading volume of over $235 million since Wednesday.
Development of BONK
BONK was launched in December 2021, following the downfall of Sam Bankman-Fried, which resulted in a sharp drop in sentiment for the Solana ecosystem. Despite initially being fashioned as a meme coin, BONK quickly gained adoption in the Solana ecosystem. Several Solana projects integrated the token for NFT payments, while some used “burn” mechanisms for NFT-based events in the weeks after launch.
The project has been developed by a team of 22 individuals with no singular leader, all of whom were involved in its inception. The team has previously built dapps, NFTs, and other related products on Solana.
Regulatory Constraints and Support for BONK
Support for BONK may be restricted in some backed jurisdictions due to regulatory constraints. Coinbase has stated that once sufficient supply of this asset is established, trading on its BONK-USD trading pairs will launch in phases. The exchange has also warned that “Coinbase may refuse to list or delist digital assets at any time for any reason,” emphasizing that listings are not an acceptance or recommendation by Coinbase or its affiliates.
To conclude, the strong interest in the Solana ecosystem since October has also boosted BONK’s appeal. Solana’s market capitalization has risen from $50 million to as much as $800 million, making it one of the best-performing tokens of 2023. This growing rage may further boost BONK’s popularity and attract more investors to the Solana ecosystem. However, it is essential to note that regulatory constraints may limit support for BONK in certain jurisdictions.
