The Solana-based memecoin BONK has shot up greater than 52% prior to now day following Coinbase’s announcement concerning the memecoin’s itemizing.
Cryptocurrency Alternate Coinbase Has Revealed Itemizing For BONK
Coinbase, one of many largest cryptocurrency exchanges on the earth, December 13 announced on X that the platform could be including help for a brand new coin: BONK.
BONK is a dog-themed meme coin constructed on the Solana blockchain that was launched solely on the finish of final yr. The asset is just like Dogecoin (DOGE) and Shiba Inu (SHIB) and has just lately gained some fast reputation.
It might seem that the coin has now gained sufficient steam that it has caught the attention of a serious platform like Coinbase. “Trading will begin on or after 9 AM PT on 14 December 2023, if liquidity conditions are met,” stated the trade in an X put up on December 13.
“Once sufficient supply of this asset is established trading on our BONK-USD trading pairs will launch in phases,” revealed the platform. “Support for BONK may be restricted in some supported jurisdictions.”
Coinbase has added the memecoin underneath the “Experimental” label, as a warning for its customers to train warning when buying and selling the coin. The dangers related to property like these can embody worth swings and canceled orders as a result of decrease quantity and availability.
Apart from serving as a warning, although, the label doesn’t do something, so BONK would nonetheless be functionally the identical as some other asset on the trade by way of buying and selling.
Meme Boin Smashes By means of New All-Time Excessive
BONK had kicked off the month with a really sharp rally, however the surge had come to a halt simply in need of the $0.000150 stage a number of days again, and what adopted was some prolonged pullback for the meme coin in direction of $0.0000093.
With the Coinbase announcement, although, life has returned again to the cryptocurrency, because it has registered a surge of greater than 52% throughout the previous 24 hours. The under chart exhibits how the asset has carried out over the previous month.
Appears to be like just like the coin has made some fast restoration from its lows | Supply: BONKUSD on TradingView
With this surge, not solely has the asset totally recovered from its drawdown, but it surely has additionally surpassed the earlier peak and has set a brand new all-time excessive past the $0.0000156 stage. Unsurprisingly, the coin is the most effective performer among the many high 100 cryptocurrencies by market cap throughout the previous day.
The under desk exhibits how BONK compares in opposition to its fellow meme cash proper now:
The asset seems to have a market cap of $930 million in the mean time | Supply: CoinMarketCap
Whereas the opposite meme cash haven’t carried out poorly right this moment, BONK’s rally has clearly nonetheless vastly outshined them. With a market cap of over $930 million, the asset now has some important distance over the next-largest meme-based cryptocurrency, PEPE.
The coin continues to be removed from touching the market cap of Shiba Inu, although, which is the second-largest meme coin by market cap. BONK must do near a 6.5x leap from right here if its market cap is to surpass that of SHIB.
Featured picture from Shutterstock.com, chart from TradingView.com
