The Solana-based meme coin BONK experienced a notable 40% surge within the last 24 hours following the announcement from Coinbase, a prominent exchange, stating its intention to list the token on Thursday. This positions BONK as the third-largest meme coin on Coinbase, trailing behind Dogecoin (DOGE) and Shiba Inu (SHIB).
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
“Once sufficient supply of this asset is established, trading on our BONK-USD trading pairs will launch in phases,” the exchange said in an announcement on Wednesday. “Support for BONK may be restricted in some supported jurisdictions.”
In response to this development, Coinbase emphasized that the initiation of trading for BONK-USD pairs will occur gradually, in phases, contingent on the establishment of a sufficient supply of the asset. Additionally, it was mentioned that support for BONK might be limited in specific jurisdictions.
Historically, Coinbase listings have led to short-term increases in token prices, attributed to the exchange’s discerning token selection process. The act of being listed on Coinbase often imparts a sense of legitimacy to the projects featured.
The announcement resulted in a reversal of nearly all losses incurred by BONK in the previous week. On Thursday morning, BONK was trading at $0.000014, accompanied by a substantial trading volume exceeding $235 million.
These tokens were initially issued in December following the downturn of Sam Bankman-Fried, causing a significant decline in sentiment within the Solana ecosystem as he was a prominent supporter of the network.
Despite its initial classification as a meme coin, BONK gained rapid adoption within the Solana ecosystem. Various Solana projects integrated the token for transactions involving non-fungible tokens (NFTs), and some implemented “burn” mechanisms for NFT-based events in the weeks after its launch.
The Bonk project comprises a team of 22 individuals with no singular leader, all actively involved in the project’s inception. Information obtained from one of the developers revealed that the project has a history of developing decentralized applications (dApps), NFTs, and other related products on the Solana blockchain.
