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Solana, the blockchain network hosting Bonk, has been on an incredible run in 2023. Just a few days ago, SOL experienced an amazing 50% surge, signaling a strong upward trend.
The cryptocurrency market is witnessing another surge in the altcoin space with the Solana-based memecoin, Bonk (BONK), seeing a 40% spike in the past 24 hours following its listing on the prominent exchange, Coinbase Global Inc (NASDAQ: COIN). This pushes BONK to become the third-largest meme coin on the platform, trailing only behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Following the announcement from Coinbase, BONK’s price almost completely recovered all previous losses, reaching $0.000014 this morning. Its trading volume surged to over $235 million since the announcement, reflecting the enthusiastic market response.
However, Coinbase has indicated a cautious approach, stating that trading on BONK-USD trading pairs will be launched in phases and there may be restrictions on BONK support in certain jurisdictions.
Originally intended as a meme coin, Bonk quickly gained traction within the Solana ecosystem and has been taken seriously by a team of 22 individuals working collaboratively, eschewing a singular leader model. Bonk’s strong performance may be attributed to the growing interest in the Solana ecosystem, which has seen a surge in market capitalization and expanded its visibility by securing listings on major centralized exchanges like Binance and KuCoin.
Despite the collapse of the now-defunct FTX Derivatives exchange, BONK’s adoption signaled a resurgence of interest in the network. BONK has experienced a remarkable 6000% gain over the last three months, making it the top-performing mid-cap memecoin during this period.
As Solana continues its impressive run, the bullish case for Solana extends into the future. According to a report from VanEck, the Solana ecosystem is gaining traction among traders, as evident in its Total Value Locked (TVL) and the healthy growth of the majority, if not all, of its projects.