A crypto investor has made significant gains on Solana-based meme coin BONK following the project’s listing on leading exchanges.
The latest memecoin on the block, BONK, has been the center of attraction for most crypto investors in the past few weeks. For many who have had the patience, massive profits have resulted as the token landed on a listing on the most popular cryptocurrency exchanges.
On December 14, Coinbase listed BONK for its over 100 million users. Binance has now followed that pattern of bringing BONK to its much broader audience, causing the token price to soar. At the time of writing, BONK has gained over 129% on the day, bringing its month-to-date increase to over 1000%.
BONK Investor Nets $784,000
The rapid rise in the price of BONK has seen the USD value of assets held by investors soar over the past month. On-chain data analytics, Lookonchain, reveals one BONK investor who purchased 69 billion BONK at $0.0000021 and staked the tokens from October 30 to November 29.
Following the announcement of a Binance listing for the asset, the investor sold a portion of their holdings. The trader sold 52.3 billion BONK tokens, making a profit of $784,000 as a result. The address still holds over 14.7 billion (approximately $474,000) staking across Solana DeFi protocols.
As #Binance announced the listing of $BONK, the price of $BONK rose above $0.00003, an increase of more than 1000% within a month.
A trader sold 52.3B $BONK($927K) today and made ~$784K.
This trader bought 69B $BONK at ~$0.0000021 and staked from Oct 30 to Nov 29. pic.twitter.com/DxMyv7u66E
— Lookonchain (@lookonchain) December 15, 2023
Meanwhile, the jump in the price of BONK has also seen its value surpass that of many leading crypto assets. According to CoinMarketCap, the token is currently the 42nd largest crypto asset, with a $2 billion market cap. BONK has surpassed other majors, such as Arbitrum, Algorand, Stacks, and Aave.
Per Santiment, the price of BONK surpassed Shiba Inu on Dec 7th and is now closing in on Floki Inu.
? The hottest #memecoin on the block, #BONK, saw its market cap grow +116% in the past day alone, largely due to its #Coinbase listing. $BONK has jumped from the #69 largest asset to #43 in just 12 hours. If longing, be cautious of too much crowd #FOMO. https://t.co/nXYqzm6biG pic.twitter.com/3rsleIvJMG
— Santiment (@santimentfeed) December 15, 2023
At the same time, BONK recently reached a new high in on-chain swap activity, with over $89 million traded. The asset’s overall trading volume surpassed $1.1 billion in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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