BONK Meme Coin Skyrockets 40% Following Coinbase Listing

• Solana's Meme Coin, BONK, Sees Significant Price Surge
• Coinbase Announces BONK Listing
• BONK Rebounds After Announcement
• Birth of BONK
• BONK's Influence in the Solana Ecosystem
• Rise in Interest for Solana

Solana's Meme Coin, BONK, Sees Significant Price Surge

Following an announcement by well-renowned exchange Coinbase (COIN) to list the token, the Solana$104 5.03%-based meme coin bonk (BONK) has seen a significant 40% surge in the past 24 hours. This makes it the third major meme coin to be listed on the platform, following dogecoin (DOGE) and shiba inu (SHIB).

Coinbase Announces BONK Listing

Coinbase announced on Wednesday: Once a sufficient supply of this asset is established, trading on our BONK-USD trading pairs will commence in phases. They added, however, that Support for BONK may be limited in some supported jurisdictions.

Historically, a listing on Coinbase often triggers a short-term boost in token prices, due to the platform's selectivity in featuring tokens and the perceived legitimacy a listing brings to a project.

BONK Rebounds After Announcement

Following the announcement, BONK bounced back, reversing nearly all its previous week's losses. It traded at $0.000014 on Thursday morning, with a trading volume surpassing $235 million.

Birth of BONK

The tokens were introduced in December, following a decline in sentiment for the Solana ecosystem triggered by the downfall of Sam Bankman-Fried, a prominent supporter of the network. The Solana ecosystem rapidly adopted BONK, originally conceived as a meme coin.

BONK's Influence in the Solana Ecosystem

Many Solana projects have incorporated the token for non-fungible tokens (NFTs) payments, and some have engaged burn mechanisms for NFT-based activities in the weeks following the launch.

BONK is backed by a team of 22 individuals - without a single leader - all of whom were part of the project's inception. They have previously created decentralized applications (dapps), NFTs, and other related products on Solana.

Rise in Interest for Solana

Since October, the Solana ecosystem has observed a significant rise in interest, thereby boosting the appeal of the token. SOL's market capitalization has escalated from $50 million to nearly $800 million - making it one of the best-performing tokens of 2023.

Edited by Jonathan Stoker