BONK, a memecoin resident in the Solana ecosystem, has jumped by 45% after leading U.S.-based exchange Coinbase confirmed that it would add support for the token.
This BONK’s growth is one of the biggest daily jumps this month, with the price hitting a new All-Time High (ATH) of $0.00001482 following the news. The coin’s market capitalization also jumped by 45% to $879,680,908, while the trading volume’s 71.4% surge pushed it to $265,000,502.
Per the Coinbase announcement, BONK trading will commence on or after 9 AM Pacific Time on December 14, provided it achieves the liquidity requirements.
Trading will begin on or after 9AM PT on 14 December 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our BONK-USD trading pairs will launch in phases. Support for BONK may be restricted in some supported jurisdictions.
— Coinbase Assets ?️? (@CoinbaseAssets) December 13, 2023
BONK Listing on Coinbase: Keynote to Traders
As a trading platform with very strict listing guidelines, Coinbase said it may restrict the trading of BONK in some jurisdictions. The asset pair supported is the BONK-USD, which the exchange said will go live in phases.
Coinbase published the contract for BONK “DezXAZ…B263” on the Solana network (SPL token) to properly guide its traders to know which asset they are interacting with. As teased earlier, one major thing to note is the “Experimental Asset” label accompanying the BONK listing.
The trading platform typically adds this tag as a transparency move to show traders that a particular asset is new and may possess a relatively lower trading volume compared to its whole ecosystem. This will arguably help traders make more informed decisions when interacting with the asset.
As observed by CoinGecko, the Coinbase listing positions BONK as the third largest meme coin to go live on the exchange after Dogecoin (DOGE) and Shiba Inu (SHIB).
BONK Traction: a Good Boost for Solana
While the listing of BONK is a big win for its immediate community, it is also arguably a bullish one for the broader Solana ecosystem.
According to inferences made from a post from Research and Commentary provider An Ape’s Prologue, BONK has contributed immensely to the attractive nature of Solana at the moment. Its more than 8,000% growth complements the 1,100% jump in Tensorians NFTs.
Solana’s Ecosystem Rise
The Solana ecosystem has been on a meteoric rise during this past rally with its memecoin $BONK skyrocketing over 8000% and Tensorians NFT rising over 1100%.
Adding to this momentum, @jito_sol’s recent lucrative airdrop has generated a wealth effect,… pic.twitter.com/2TwH0dfzmr
— An Ape's Prologue (@apes_prologue) December 13, 2023
The Solana protocol is also propelled by the growing adoption of its platforms with links to impressive airdrops, as seen by the more than 10,000 new accounts created on MarginFi following the just-concluded JTO airdrop.