BONK, the popular and largest meme coin on Solana, experienced a remarkable 116% increase in its market value within just one day, primarily because it got listed on Coinbase and received a recent announcement from Binance. The coin quickly climbed from the 69th to the 43rd position in the list of the largest assets in a short 12-hour span, according to data from Santiment, an on-chain analytics firm.
Binance listing ignites a 120% blast in 24 hours
However, BONK also experienced a significant 120% price surge within the last 24 hours after the Binance, disclosed its decision to list. Nevertheless, the price of Bonk Inu skyrocketed from $0.000014 to an impressive $0.00003033 in response to the listing announcement. This surge adds to the coin’s recent gains, marking an extraordinary 629% increase over the past 2 weeks.
Binance, in its official statement, revealed that BONK spot trading against Tether (USDT), Binance USD (BUSD), and Turkish Lira (TRY) is scheduled to commence on December 15, 2023, at 08:00 UTC. Withdrawals will follow suit one day later, on December 16.
This move highlights Binance’s commitment to innovation, as the exchange disclosed its plan to include BONK as a borrowable asset on its Isolated Margin trading platform within 48 hours of the listing. This introduces a novel BONK/USDT margin pair, providing traders with additional avenues for engagement.
Earlier on December 14, 2023, BONK surged over 40% in just 24 hours as it got listed on Coinbase. This listing on Coinbase often leads to a short-term pump in token prices.
Binance’s strategic moves and cautionary note
Looking at the BONK move, Binance issued a word of caution to its users. Acknowledging Bonk Inu as a relatively new token, the exchange highlighted the potential for higher volatility and risks compared to more established cryptocurrencies.
Overall, the cryptocurrency market is showing strength due to the potential approval of the spot Bitcoin Exchange-Traded Fund (ETF). However, Solana (SOL) also shows bullishness, as is evident in the token price, with SOL currently trading near $75.15, and it has also provided an immense over 30% move in the last 30 trading days.
Earlier, the asset management firm VanEck predicted that in the coming year 2024, Solana will outperform Ethereum. Currently, SOL is outperforming Ethereum in terms of the price surge in the last 30 days.
