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 Trade Coinbase Has Revealed Itemizing For BONK
Coinbase, one of many largest cryptocurrency exchanges on the earth, December 13 introduced on X that the platform can 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 12 months. The asset is just like Dogecoin (DOGE) and Shiba Inu (SHIB) and has lately gained some fast recognition.
It could seem that the coin has now gained sufficient steam that it has caught the attention of a significant platform like Coinbase. “Buying and selling will start on or after 9 AM PT on 14 December 2023, if liquidity circumstances are met,” stated the alternate in an X submit on December 13.
“As soon as ample provide of this asset is established buying and selling on our BONK-USD buying and selling pairs will launch in phases,” revealed the platform. “Help for BONK could also 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 belongings like these can embody value swings and canceled orders on account 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 alternate when it comes to buying and selling.
Meme Boin Smashes By New All-Time Excessive
BONK had kicked off the month with a really sharp rally, however the surge had come to a halt simply wanting the $0.000150 stage just a few days again, and what adopted was some prolonged pullback for the meme coin in the 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 beneath chart exhibits how the asset has carried out over the previous month.
Appears 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 one of the best performer among the many prime 100 cryptocurrencies by market cap throughout the previous day.
The beneath desk exhibits how BONK compares towards 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 immediately, BONK’s rally has clearly nonetheless vastly outshined them. With a market cap of over $930 million, the asset now has some vital distance over the next-largest meme-based cryptocurrency, PEPE.
The coin remains to be removed from touching the market cap of Shiba Inu, although, which is the second-largest meme coin by market cap. BONK should 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
