Solana-Based Memecoin BONK Surges over 52% After Coinbase Listing

Solana-based meme-inspired cryptocurrency BONK has kept on outperforming the broader cryptocurrency market over the last 24 hours after surging more than 52%, leading its year-to-date gains to 1,350%.

The cryptocurrency’s price recently rose after Nasdaq-listed cryptocurrency exchange Coinbase announced it was listing BONK on the Solana network, further boosting its performance amid a wider cryptocurrency market rise.

Coinbase’s listing comes shortly after the cryptocurrency exchange placed the meme-inspired cryptocurrency on its experimental phase.

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 100 largest digital assets by market capitalization, as it now has a $925 million market capitalization, which places it in sixty ninth place, above NEO and behind Decentraland.

BONK’s rising popularity comes as developers are beginning to recognize the strengths of the blockchain once again. However, while SOL has seen an 85% increase over the past 30 days, BONK, the leading meme coin on the network, has witnessed even more substantial gains.

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.

Featured image via Unsplash.

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