Memecoin BONK Surges 45%, Hits New ATH Following Coinbase Listing Announcement
Solana-based memecoin BONK is experiencing strong growth following its listing announcement on the Coinbase exchange.
Memecoin BONK Surges 45%, Hits New ATH Following Coinbase Listing
According to data from CoinMarketCap, BONK has surged 45% in the past 24 hours, reaching a new all-time high (ATH) of $0.00001489. The momentum stems from Coinbase's announcement of the coin's listing on December 14th.
Price of BONK on the 1D timeframe. Source: CoinMarketCap
BONK becomes the third memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB) to be supported for trading on Coinbase. Initially labeled as a "test" product, BONK can now be bought and sold like other cryptocurrencies.
Coinbase will add support for Bonk (BONK) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) December 13, 2023
"Once the asset's supply source is established, trading on BONK-USD pairs will be rolled out in phases. Support for BONK may be limited in certain jurisdictions supported." - Coinbase stated in the announcement.
While initially categorized as a memecoin, BONK has quickly gained recognition within the Solana ecosystem. Following Solana's severe downturn after the FTX incident, the dog-themed memecoin BONK has been seen as a short-term revival catalyst, thanks to a 50% airdrop of its total supply to Solana users.
BONK is a memecoin project created by 22 individuals without a single leader, born out of frustration with tokenomics marred by funds like Alameda and aiming to provide a fair chance to everyone. However, similar to other memecoins, the project lacks a clear direction.
