Crypto Trader Makes $784,000 Profit After Solana-Based Memecoin BONK Surges 1,000% in a Month
A trader has managed to make a profit of around $784,000 on the Solana-based meme-inspired cryptocurrency BONK after the token was recently listed on major cryptocurrency exchange Binance and Coinbase.
According to on-chain monitoring service Lookonchain, after BONK was listed on leading cryptocurrency exchange Binance its price rose above $0.00003 after rising by more than 1,000% in a single month.
The trader managed to then sell their 52.3 billion BONK stash for a total of $927,000, making a profit of $784,000 in the process. The trader, according to the service, bought 69 billion tokens at $0.0000021 and staked them between October 30 and November 29.
The cryptocurrency was trading at around d $0.00000016 back in October before it started surging, with its upward move seemingly being fueled by various listings on major cryptocurrency exchanges and the large adoption of Solana, as the network recovers from the collapse of FTX.
BONK’s price performance has seen it become one of the 50 largest digital assets by market capitalization, as it now has a $1.8 million market capitalization, which places it in sixty ninth place, above Render and behind Mantle.
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Earlier this year, BONK moved to burn a total of 5 trillion tokens that were allocated to them, at a time in which the digital asset’s price was dropping after moving up significantly after launch.
Its price rise has helped Solana’s Saga smartphone see sales skyrocket as each device gives the buyer an airdrop of 30 million BONK tokens, whose value is now above that of the smartphone itself.
This disparity has sparked a surge in sales, with the Saga phone’s sales figures multiplying more than tenfold in just 48 hours. Solana co-founder Raj Gokal confirmed this dramatic increase, noting that the phone is now on track to sell out before the new year.
Featured image via Unsplash.
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