Fans of cryptocurrency truly understand just how dynamic the space is and how quickly something new can go “viral”. Now, a new player has taken center stage. BONK, the meme coin riding the Solana blockchain, has seen an impressive 40% surge since its recent debut on Coinbase.
Let’s delve into the intriguing journey of BONK and discover why it’s making waves. Join our Cryptoors Army Make 100x
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Coinbase, known for its selective approach to token listings, has once again left its mark. The news of BONK joining the platform triggered a significant surge, reinforcing its legitimacy among traders. Bouncing back from a tough week, BONK proudly traded at $0.000014 on Thursday, with a staggering trading volume of $235 million post-Coinbase listing.
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BONK’s appeal is closely tied to the broader success of the Solana ecosystem. Since October, Solana’s market capitalization has soared from $50 million to an impressive $800 million. This not only positions Solana as one of the top performers in 2023 but also sets the stage for BONK to attract more investors.
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. Initially labeled a meme coin, BONK defied expectations by quickly integrating into the Solana landscape. Various Solana projects embraced the token, using it for NFT payments. “Burn” mechanisms for NFT events further fueled its popularity in the weeks after launch.
Created by a collaborative team of 22 individuals without a single leader, BONK’s creators have a successful track record in building decentralized applications, NFTs, and related products on Solana.
Despite its rising popularity, BONK faces regulatory challenges in some regions. Coinbase, always vigilant, has noted that support for BONK may be limited due to regulatory constraints. 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.