BONK Becomes Third Largest Memecoin Following Coinbase Listing

• BONK coin jumps 40% on Coinbase listing, becoming 3rd largest meme coin based on its market capitalization.
• The listing also boosts Solana’s value & popularity in the crypto market.

The price of BONK, a Solana’s meme coin, increased by 40% after Coinbase, a big exchange, made an announcement saying they wanted to list the token. Following behind Dogecoin and Shiba Inu, It’s now the third biggest meme coin on Coinbase.

“Once sufficient supply of this asset is established, trading on our BONK-USD trading pairs will launch in phases,” they said in their announcement, they also explained that BONK/USD may not be available in some regions.

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

People see Coinbase’s choice of listing tokens as a sign of trust, therefore when Coinbase adds new tokens, their prices often go up. 

BONK’s price recovered from last week’s fall, reaching $0.000014 with $235 million in trades. BONK came into existence after Sam Bankman-Fried’s downfall, which hurt the Solana network’s reputation.

See Also: BONK Jumps Over 8% As Coinbase Moves To List The Memecoin

Notably, BONK has become very popular despite being a meme coin. It’s used for buying NFTs and sometimes used in special NFT events. 

Bonk was created by 22 people, with no single leader. The BONK team has built dapps, NFTs, and more on Solana.

Solana’s market value increased from $50 million to $800 million with interest in Solana increasing since October, this development has helped boost people’s interest in BONK too and made Solana one of 2023’s top token.