BONK Mania: Coinbase Listing Sends Meme Coin Soaring 40%

In the aftermath of a recent announcement, the losses incurred in cryptocurrency prices during the previous week were swiftly and largely reversed. On Thursday morning, the Solana-based meme coin, BONK, exhibited a valuation of $0.000014, accompanied by a substantial trading volume exceeding $235 million.

Notably, BONK experienced a remarkable surge of 40% in value within the past 24 hours. This surge was instigated by the prominent exchange Coinbase (COIN), which declared its decision to list the BONK token on Thursday. As a result, BONK has now secured its position as the third-largest meme coin on the Coinbase platform, following dogecoin (DOGE) and shiba inu (SHIB).

The official statement from Coinbase, released on Wednesday, outlined plans for the gradual launch of trading on BONK-USD trading pairs once a sufficient supply of the asset is established. However, the statement also indicated potential restrictions on BONK support in specific jurisdictions.

Coinbase's history of listing tokens has consistently led to a temporary increase in their prices. This trend is attributed to the exchange's meticulous selection process for listed tokens, which fosters a perception of legitimacy for the featured projects.

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

BONK's recent price recovery follows significant losses in the preceding week. Trading at $0.000014 on Thursday morning, coupled with a trading volume exceeding $235 million, signals a robust resurgence for the meme coin.

The origin of BONK traces back to December of the previous year, coinciding with the decline of Sam Bankman-Fried. This event had a profound impact on sentiment within the Solana ecosystem, given Bankman-Fried's prominent backing of the network.

Initially conceived as a meme coin, BONK rapidly gained traction within the Solana ecosystem. Various projects integrated the token for transactions related to non-fungible tokens (NFTs). Additionally, some projects incorporated "burn" mechanisms linked to NFT-based events in the weeks following the token's launch.

The Bonk project, comprised of a team of 22 individuals without a singular leader, saw all members actively involved in its inception. According to information from one of the developers, the team had previously contributed to the development of decentralized applications (dapps), NFTs, and other products on the Solana blockchain.

From October onwards, heightened interest in the Solana ecosystem played a pivotal role in enhancing the appeal of the BONK token. During this period, SOL's market capitalization witnessed a substantial surge, escalating from $50 million to an impressive $800 million, establishing it as one of the standout performers among tokens in 2023.

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