In a rapid ascent akin to its meme-themed roots, Solana’s latest meme token, BONK, has catapulted to prominence, witnessing an unprecedented 100% surge across esteemed cryptocurrency exchanges.
The sudden and staggering surge, catalyzed by recent listings on premier platforms, has stirred a frenzy in the crypto-sphere, presenting an intriguing narrative of swift market volatility.
BONK, a whimsical addition to the Solana network, defied expectations by staging a meteoric rise, showcasing an exponential leap of 100% within 24 hours, according to CoinMarketCap data.
This explosive escalation aligned closely with the coin’s integration into major exchanges, sparking an enthusiastic rush from investors eager to partake in the thrilling rollercoaster ride.
Coinbase and Binance Setting the Stage for BONK’s Accent
The surge found its roots in strategic listings on two of the crypto world’s juggernauts, Coinbase and Binance.
Coinbase’s announcement via social media channels heralded the token’s availability on their trading platforms, creating an initial stir. Subsequently, Binance’s declaration of multiple spot trading pairs laid the groundwork for BONK’s astonishing trajectory, setting a frenzied pace within the market.
#Binance will list @bonk_inu $BONK with Seed Tag applied.
https://t.co/BVs6KjrRvK pic.twitter.com/AKB6mlwnkL
— Binance (@binance) December 15, 2023
The repercussions of these listings reverberated strongly, evidenced by BONK’s staggering 95.23% surge within a single day, positioning it at $0.00003. This impressive surge extended over seven days, boasting a remarkable 142% spike, marking an unprecedented movement that captivated enthusiasts and traders alike.
The enthusiasm surrounding BONK transcended exchanges, finding a warm welcome at Crypto.com and Bitrue. Both platforms eagerly embraced the token, integrating it into their ecosystems for trading and staking and offering enhanced accessibility.
BONK Tops DOGE and SHIB in Trading Volume with $1.37 Billion
BONK has captured attention and surpassed established players like Dogecoin (DOGE) and Shiba Inu (SHIB) in a 24-hour trading volume showdown.
The relatively recent addition to the meme coin niche has established a phenomenal feat, boasting a staggering $1.37 billion in trading volume. This extraordinary figure eclipses the trading volumes of the seasoned Dogecoin, standing at $933 million, and Shiba Inu, lingering at $225.8 million as per the most recent data.
Despite its soaring trading volume and market capitalization, funding for BONK has consistently shown negativity. This trend suggests many traders are placing bets against the token.
Astonishingly, liquidations totalling $6.15 million for BONK occurred within a mere 12-hour span. Nevertheless, this hasn’t hindered BONK’s price from rallying almost 100% in the last 24 hours.
Solana (SOL) Rally and Competition
Simultaneously, Solana (SOL) has experienced an upward surge of over 5% in the same timeframe, positioning itself on the brink of surpassing XRP by market capitalization.
CoinMarketCap’s data points to Solana’s valuation currently at $32.2 billion, nearing XRP’s $33.5 billion. BONK’s success has inadvertently cast a spotlight on the burgeoning influence of the Solana ecosystem within the broader cryptocurrency market.