BONK, the latest meme-inspired cryptocurrency, has skyrocketed by a staggering 45% within the last 24 hours, hitting an all-time high of 0.00001508 USD, as reported by Coingecko. The driving force behind this surge is attributed to the upcoming listing announcement on Coinbase, scheduled for December 14.
This milestone marks BONK as the third memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB) to be supported for trading on the Coinbase platform. Initially labeled as a “test” product, BONK will be available for purchase and trade, similar to other established cryptocurrencies.
Bonk Price Chart | Source: Coingecko
“Following the establishment of the asset’s supply, trading on BONK-USD pairs will roll out in phases. The availability of BONK may be restricted in some supported legal jurisdictions,” stated Coinbase in their announcement.
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
While initially categorized as a memecoin, BONK has swiftly gained recognition within the Solana ecosystem. Since the Solana network faced significant distress following the FTX incident, BONK, part of the dog-themed memecoin craze, has been viewed as a short-term resurgence catalyst due to its 50% airdrop of the total supply to Solana users.
BONK stands as a memecoin project developed by a collective of 22 individuals, devoid of a singular leadership figure. It emerged from a collective frustration with tokenomics controlled by entities like Alameda, aiming to offer a fair opportunity to all participants. However, similar to other memecoins, the project lacks a clear, definitive direction.
The meteoric rise of BONK within the cryptocurrency market mirrors the ongoing trend of meme-inspired tokens. These coins often draw attention and investment based on community enthusiasm and speculation rather than substantial utility or purpose.
The potential impact of BONK’s Coinbase listing remains to be seen, as it steps into a broader market and navigates through the challenges and opportunities that lie ahead. As the cryptocurrency landscape continues to evolve, the fate of BONK will depend not only on market dynamics but also on its ability to establish real-world use cases and a sustainable trajectory beyond the meme status it currently holds.
Source: https://azcoinnews.com/memecoin-bonk-skyrockets-45-to-reach-new-ath-following-coinbase-listing-news.html
