BONK Skyrockets 100% After Binance Listing: A Threat to Shiba Inu?

• Binance Listing Sparks Over 100% Surge in Solana's Top Meme Coin
• Details of the Listing and Price Spike
• Binance's Official Announcement
• Significant Volatility and Risks
• Can BONK Supersede Shiba Inu?
• The Market Competition
• Potential for Increased Visibility and Liquidity

Binance Listing Sparks Over 100% Surge in Solana's Top Meme Coin

Bonk Inu, regarded as the largest meme coin on Solana$104 5.03%, experienced a remarkable surge of more than 100% within 24 hours. This drastic increase was spurred by the announcement from Binance, the world's leading cryptocurrency exchange, about its decision to list Bonk Inu on its platform.

Details of the Listing and Price Spike

After the announcement, the price of BONK escalated from $0.000014 to over $0.00003033, a stunning 101.9% rise in just one day. The meme coin's momentum extends beyond this single day, with an impressive 629% gain recorded over the previous two weeks.

Binance's Official Announcement

In the official statement, Binance confirmed the commencement of BONK spot trading against Tether$1.000 -0.12% (USDT), Binance USD (BUSD), and Turkish Lira (TRY) from 08:00 UTC on December 15, 2023. The platform will also enable withdrawals from the following day.

In addition to this, Binance will include BONK as a borrowable asset on its Isolated Margin trading platform within 48 hours of the listing, creating a new BONK/USDT margin pair.

Significant Volatility and Risks

Despite the optimistic outlook, Binance cautioned users about possible higher volatility and risks associated with BONK due to its relatively new status in the market. The exchange applied a seed tag to label BONK as an innovative yet speculative venture.

Can BONK Supersede Shiba Inu?

This significant surge in BONK's price closely follows the coin's recent introduction of single-sided staking on December 1. Additionally, after being listed on Coinbase, the meme coin saw a 50% single-day rally on December 14.

The Market Competition

However, despite this rapid growth, BONK still faces serious competition from prominent meme coins such as Dogecoin$0.091 -0.42% and Shiba Inu$0.000010 -2.05%. These rivals boast significantly larger market capitalizations. As of the time of writing, BONK's market cap is at $1.7 billion, compared to $5.8 billion for SHIB.

Potential for Increased Visibility and Liquidity

With a listing now on both Coinbase and Binance, two of the largest crypto trading platforms, BONK seems well-placed for increased visibility and a potential liquidity influx. However, the prospect of surpassing Shiba Inu appears distant for now.

Edited by Jonathan Stoker