Meme coin BONK soars 40% after listing on Coinbase | CoinDesk JAPAN

Solana-based meme coin BONK has soared 40% in the past 24 hours after leading cryptocurrency exchange Coinbase (COIN) announced on December 14 that it would list the token, offering it on the platform. It became the third largest meme coin after Dogecoin (DOGE) and Shiba Inu Coin (SHIB).

“Once sufficient supply of this crypto asset is established, trading of the BONK-USD trading pair will begin in stages,” Coinbase announced on the 13th. “BONK support may be limited in some regions.”

Listings on Coinbase often lead to short-term increases in token prices, as the exchange tends to be selective about the tokens it offers, and a listing may give traders a sense of legitimacy for the project. do not have.

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 price regained almost all its losses from last week after this announcement. BONK was traded at $0.000014 on the morning of the 14th, with trading volume exceeding $235 million (approximately 33 billion yen, equivalent to 1 dollar = 140 yen).

The token was issued last December in the aftermath of the ouster of Sam Bankman-Fried, the former crypto giant being a major backer of the network. This prompted a sharp decline in sentiment towards the Solana ecosystem at the time.

Even though BONK was initially created as a meme coin, it was quickly adopted by the Solana ecosystem. Several Solana projects have integrated this token for use in non-fungible token (NFT) payments, and several projects have integrated this token for use in NFT-based payments in the weeks following launch. ” mechanism was used.

The BONK project is a team of 22 individuals, with no specific leader, all of whom are involved in the launch. CoinDesk has previously spoken to several developers. The project has previously built decentralized applications (dApps), NFTs, and other related products on Solana.

Since October, strong interest in the Solana ecosystem seems to have increased the token’s appeal. Solana (SOL)’s market capitalization rose from $50 million (about 7 billion yen) to $800 million (about 112 billion yen), making it one of the best-performing tokens in 2023.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Meme Coin BONK Spikes 40% on Coinbase Listing