The Solana-based memecoin BONK has shot up more than 52% in the past day following Coinbase’s announcement about the memecoin’s listing.
Cryptocurrency Exchange Coinbase Has Revealed Listing For BONK
Coinbase, one of the largest cryptocurrency exchanges in the world, December 13 announced on X that the platform would be adding support for a new coin: BONK.
BONK is a dog-themed meme coin built on the Solana blockchain that was launched only at the end of last year. The asset is similar to Dogecoin (DOGE) and Shiba Inu (SHIB) and has recently gained some rapid popularity.
It would appear that the coin has now gained enough steam that it has caught the eye of a major platform like Coinbase. “Trading will begin on or after 9 AM PT on 14 December 2023, if liquidity conditions are met,” said the exchange in an X post on December 13.
“Once sufficient supply of this asset is established trading on our BONK-USD trading pairs will launch in phases,” revealed the platform. “Support for BONK may be restricted in some supported jurisdictions.”
Coinbase has added the memecoin under the “Experimental” label, as a warning for its users to exercise caution when trading the coin. The risks associated with assets like these can include price swings and canceled orders due to lower volume and availability.
Other than serving as a warning, though, the label doesn’t do anything, so BONK would still be functionally the same as any other asset on the exchange in terms of trading.
Meme Boin Smashes Through New All-Time High
BONK had kicked off the month with a very sharp rally, but the surge had come to a halt just short of the $0.000150 level a few days back, and what followed was some lengthy pullback for the meme coin towards $0.0000093.
With the Coinbase announcement, though, life has returned back to the cryptocurrency, as it has registered a surge of more than 52% during the past 24 hours. The below chart shows how the asset has performed over the past month.
Looks like the coin has made some quick recovery from its lows | Source: BONKUSD on TradingView
With this surge, not only has the asset fully recovered from its drawdown, but it has also surpassed the previous peak and has set a new all-time high beyond the $0.0000156 level. Unsurprisingly, the coin is the best performer among the top 100 cryptocurrencies by market cap during the past day.
The below table shows how BONK compares against its fellow meme coins right now:
The asset appears to have a market cap of $930 million at the moment | Source: CoinMarketCap
While the other meme coins haven’t performed poorly today, BONK’s rally has clearly still vastly outshined them. With a market cap of over $930 million, the asset now has some significant distance over the next-largest meme-based cryptocurrency, PEPE.
The coin is still far from touching the market cap of Shiba Inu, though, which is the second-largest meme coin by market cap. BONK will have to do close to a 6.5x jump from here if its market cap is to surpass that of SHIB.
Featured image from Shutterstock.com, chart from TradingView.com
