Coinbase, a leading crypto market exchange, has officially announced its support for Bonk (BONK), a rising star in the memecoin sector.
This support marks a significant milestone for BONK, a recent up-and-comer in the Solana network ecosystem.
Coinbase Lists BONK, Traders Pile In
As of December 14, 2023, Coinbase has opened the door for transfers of BONK. However, it urges caution that transfers need to be made exclusively over the Solana network to avoid potential losses.
Coinbase’s endorsement has come at an opportune time for BONK. In the span of a week, this Solana-based memecoin has soared. It has recorded an impressive 50% increase in its value on the day of the listing.
This leap has propelled BONK to an enviable position as the third-largest dog-themed memecoin by market capitalization. It still trails behind industry giants Dogecoin and Shiba Inu.
The Bonk of the Ball
The factors behind BONK’s meteoric rise are manifold. A key driver has been its recent listings on major crypto exchanges like Binance and KuCoin.
Additionally, the Solana ecosystem itself has seen significant growth. This is particularly true in the DeFi sector, which has lent an edge to Solana-based tokens like BONK over Ethereum-based counterparts.
Read more: 11 Hot MemeCoins and Altcoins that Trend in 2023
This bullish trend in the memecoin market is not isolated to BONK. Other notable players like Dogecoin, Shiba Inu, Floki, and Pepe have also registered substantial gains. This could potentially signal a robust recovery and renewed investor interest in memecoins.
Coinbase’s support for BONK and the token’s listing on other major exchanges has positioned it as a formidable contender for the next hot meme coin.
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