A meme coin built on Solana, BONK, surged over 45% in the last 24 hours following the announcement of Coinbase’s support. This price jump places BONK among the top performers for the month.
On December 14, BONK reached a new all-time high value (ATH) of $0.00001529.
Furthermore, its market cap has also surged, surpassing $879.68 million and BONK will officially begin trading on Coinbase at 9 a.m. Pacific Time today.
Coinbase Listing Driving BONK’s Gains
Just in, Coinbase confirms support for Bonk (BONK) on the Solana network (SPL token). Users can find this asset on @Coinbase & @CoinbaseExch, where trading is supported.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 13, 2023
Announcement from Coinbase revealed that they will support Bonk (BONK) on the Solana network. Transfers of BONK are available on Coinbase in regions where trading is supported.
However, Coinbase has noted that trading of BONK may be restricted in some locations and will be labeled as an Experimental Asset. This label is added to new assets that may have a lower trading volume compared to other established tokens. Moreover, CoinGecko noted on X that BONK’s value has increased after its listing on Coinbase.
This listing masks the fact that it’s the third largest meme coin listed on Coinbase behind DOGE and SHIB.
BONK’s Price Gains Boosted The Solana Ecosystem
Solana’s Ecosystem Rise
According to An Ape’s Prologue, the Solana ecosystem rallied during the current uptrend. BONK gained over 800%, and the Tensorians NFT collection gained 1100% on its original value.
Additionally, the Jito Airdrop on Solana created a positive effect, drawing more attention to its ecosystem. This event attracted more airdrop farmers, raising the value of Solana’s ecosystem. The increased value is also evident in Marginfi, another project on Solana. The project recorded over 10,000 new accounts daily following the JTO airdrop.
Based on on-chain data, Solana has risen to attain yearly highs in terms of user adoption, liquidity, and on-chain volume and its market share has also increased in the last few weeks.
Solana has emerged as a strong contender against Ethereum for control of the DeFi market share. » …
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