The price of BONK, built on the Solana network, has seen a strong increase of 45% since yesterday. This follows the announcement by the Coinbase exchange on Thursday of its intention to include it in the list of digital currencies available for trading.
[cryptopack id=”3751″]
Once a sufficient stock of this asset is established, trading on the BONK-USD trading pairs will be launched in stages.
Coinbase said in its statement.
Note that BONK trading services may not be available in some jurisdictions.
The listing of a new cryptocurrency on Coinbase often results in a temporary increase in its price. Due to the requirements it imposes in choosing the currency that can be included in its list of cryptocurrencies available for trading. This may give traders a sense of legitimacy for the listed projects.
Bonk coin, inspired by the popular Shiba Inu meme, was first launched last December.
Following the downfall of Sam Bankman-Fried, which led to a sharp decline in the take-up of the Solana ecosystem at the time.
The former giant in the world of cryptocurrencies was a major supporter of the network.
But since the 20th of October, the upward wave began. The new memecoin has achieved returns of more than 4,600%.
Amid increasing capital flows into the Solana blockchain network. And an increase in riskier bets on currencies built on this network.
Which made Bonk become the third largest dog-themed token. After Dogecoin (DOGE) and Shiba Inu (SHIB).
Today, its market value has exceeded $900 million. It becomes the third largest memecoin, ahead of PEPE, which currently has a market value of about $600 million.
Solana’s recovery supports the BONK price
Although initially designed as a memecoin, BONK saw rapid traction in the Solana ecosystem after its introduction.
Several Solana projects have integrated the currency to be used as payment for non-fungible tokens (NFTs), and some have introduced burn mechanisms for NFT-based events in the weeks following launch.
Bonk consists of a team of 22 people with no specific leader, all of whom co-founded the project.
As one of the many developers previously stated: All of them have previously built decentralized applications (Dapps), non-fungible tokens (NFTs), and other blockchain-related products on the Solana network.
Since October, strong interest in the Solana ecosystem appears to have increased the coin’s appeal.
With trading volume exceeding $80 million on Tuesday – a tenfold increase from the average daily trading of $8 million at the beginning of November.
