Coinbase Lists BONK: Becomes Third Largest Memecoin
BONK coin jumps 40% on Coinbase listing, becoming 3rd largest meme coin, boosts Solana's value & popularity in crypto market.
The price of BONK, a Solana's meme coin, increased by 40% after Coinbase, a big exchange, made an announcement saying they wanted to list the token. Following behind Dogecoin and Shiba Inu, It's now the third biggest meme coin on Coinbase.
“Once sufficient supply of this asset is established, trading on our BONK-USD trading pairs will launch in phases," they said in their announcement, they also explained that BONK/USD may not be available in some regions.
People see Coinbase's choice of listing tokens as a sign of trust, therefore when Coinbase adds new tokens, their prices often go up.
BONK's price recovered from last week's fall, reaching $0.000014 with $235 million in trades. BONK came into existence after Sam Bankman-Fried's downfall, which hurt the Solana network's reputation.
Notably, BONK has become very popular Despite being a meme coin. It's used for buying NFTs and sometimes used in special NFT events. Bonk was created by 22 people, with no single leader. The BONK team has built dapps, NFTs, and more on Solana.
Solana's market value increased from $50 million to $800 million with interest in Solana increasing since October, this development has helped boost people's interest in BONK too and made Solana one of 2023’s top token
