Posted 12/14/2023, 6:05:00 AM
Coinbase Listing Pumps Solana Meme Coin BONK 40%
- Solana-based meme coin BONK surged 40% after Coinbase said it would list the token
- BONK is the third largest meme coin behind DOGE and SHIB to be offered on Coinbase
- Coinbase listings often lead to a short-term price pump due to perceived legitimacy
- BONK prices reversed nearly all losses from last week following the announcement
- BONK was issued in December 2021 amid a drop in Solana sentiment after SBF's downfall
- Despite being a meme coin, BONK saw quick adoption for NFT payments on Solana
- Bonk has been developed by a 22-person team with no singular leader
- Interest in Solana ecosystem seemed to boost BONK's appeal since October
- BONK's market cap rose from $50M to as much as $800M in 2023