The cryptocurrency industry is a constantly evolving and changing field. In addition, it has become an interesting sector as it is an interesting area where new tokens emerge quite frequently. While many of them fail to make their names stand out, a few make a big splash and attract the attention of investors.
One of these beings Bonk Inu (BONK) experienced a 1,200% price explosion last month and its market value exceeded the 2 billion dollar mark.
Released less than a year ago meme coin, currently the 44th largest coin in the entire digital asset arena. Therefore, it will be interesting to check out what is behind this surprising rally.
One possible factor could be a connection to another leading digital asset, BONK, which is described as “the first Dog-themed meme coin on Solana.” SOL has been one of this year’s best performers, seeing its price skyrocket 650% since January 1. Finally, it surpassed the $76 mark, a valuation last observed in May 2022.
Listing by Coinbase
Koinfinans.com As we reported, another reason that may have played a role in BONK’s rise is its listing on Coinbase. Earlier this week, US-based cryptocurrency The exchange stated that it was one step away from listing the asset by putting it on its experimental “road map” program.
This official support came a day later when Coinbase added BONK to its platform. Still, the market warned that the offering “may be restricted in some supported jurisdictions.”
Another crypto exchange that recently listed BONK is Binance. The trading center announced that it opened BONK/USDT, BONK/FDUSD and BONK/TRY spot trading pairs. In addition, withdrawals will be possible starting from tomorrow (December 16).
Additionally, Binance also announced plans to add the meme coin as a loanable asset to its Isolated Margin program on December 17.
Despite the support, the marketplace warned users that the token “poses a higher than normal risk and is therefore likely to be subject to high price volatility.”