Coinbase Adds BONK to its Roadmap, Bears Remain in Control

Coinbase Global Inc. recently announced it has added BONK to its roadmap, a significant move that underscores the attainment of maturity by the token.

By adding BONK to its roadmap, the crypto trading behemoth proves it now recognizes the pivotal role BONK plays within the Solana (SOL) ecosystem. While the roadmap update is intriguing, it is worth noting that Coinbase has yet to formally list BONK for trading on its platform.

Despite the bullish update, the price of BONK is surprisingly nosediving, dropping 21.51% in 24 hours to $0.000009918. The same gloom applies to its market capitalization, worth $601,012,797 at the time of writing. However, trading volume has retained a 17% growth to $158,450,923.

Coinbase Vote of Confidence on BONK

As an exchange operating in the United States, Coinbase adheres to a very strict listing policy for the digital currencies it supports. The exchange said part of the conditions it watches out for while attempting to list any token hinges on the project’s legal, technical, and compliance standards.

For BONK to debut on the roadmap for possible future listing showcases how far the token has grown in its bid to register its feet as a dominant memecoin in today’s Web3.0 scene.

BONK made its emergence as far back as December 2022 but its popularity became known in the first quarter of this year when its price rose astronomically.

While a period of flat price action trailed its initial bullish jump, BONK is on a rejuvenation path that has led it to hit its All-Time High (ATH) of $0.00001468 barely a week ago.

The potential Coinbase listing will trigger a major shift in the accessibility to BONK as it will now be available to more potential investors served by the exchange.

Can BONK Compete With its Peers?

One of the key motivations behind the emergence of BONK was to dethrone the duo of Dogecoin (DOGE) and Shiba Inu (SHIB). While it has carved out a notable niche for itself within the Solana ecosystem, it is still not close to beating the historic milestones of DOGE or SHIB.

DOGE has the first-mover advantage and a bigger fan base. In addition, SHIB outpaces BONK with the launch of Shibarium, a layer-2 protocol that shows it is now more focused on utility than the mere hype that characterizes most memecoins today.