Why BONK Price Exploded 123% Today - Here's The Scoop

The announcement from the crypto exchange Coinbase regarding its decision to list the cryptocurrency has sparked a remarkable 98% surge in the price of BONK over the last 24 hours.

This comes on the heels of BONK hitting an all-time high of $0.000029 today, as bullish investors capitalized on strong positive market sentiment and major exchange listings.

BONK Inks Solid Numbers

The Solana-based meme coin has experienced an impressive 750% increase over the last 30 days, marking a significant milestone in its upward trajectory.

BONK explodes 98% in the last 24 hours. Source: Coingecko

The recent addition of BONK on Binance has played a significant role in driving up its price as well. Binance intends to include the memecoin as a crypto asset that may be borrowed on its Isolated Margin Program starting December 17.

Also, Coinone, a cryptocurrency exchange based in South Korea, has recently said that it would include BONK on its platform. The BONK/KRW pair will be available for trading, with deposits starting on December 14 at 10:00 a.m. (KST) and spot trading opening on the same day at 5:00 p.m. (KST).

All these listings are proving to be beneficial for the price of the meme coin.

BONK 30-day price action. Source: Coingecko

Since its introduction in December 2022, BONK’s price has increased dramatically; it has grown by 7,000% since September 2023, making it the third-largest meme coin behind Dogecoin (DOGE) and Shiba Inu (SHIB).

Following its launch, Bonk acquired popularity within the Solana eco by acting as a payment method for non-fungible tokens (NFTs) and discovering a iety of applications.

This Meme Coin Is No Joke

Since October, the coin has grown rapidly despite its initial debut as a parody token due to the high level of interest in the Solana eco.

With 61 trillion BONK in circulation, the coin’s market capitalization is currently $931,186 indicating a significant 66.60% price gain over the last seven days.

BONKUSD currently trading at $0.0000261942 territory. Chart: TradingView.com

Given the significant influence of the Solana eco on Bonk’s ascent, this ranks it as the 70th largest cryptocurrency.

In a related news, BONK has shared BONKBot, a new software that makes bitcoin trading easier on popular chat apps like Telegram and social media.

With this move, BONK hopes to improve user participation and accessibility in the cryptocurrency trading community.

Source: Coincodex

Meanwhile, with the predicted bull run in the cryptocurrency market driving growth through 2024, BONK will be able to effectively expand its audience. As the community expands, the price of BONK may eventually hit $0.00095.

On the other hand, there is a significant chance that the BONK meme currency will see a decline during a liquidity crisis or a market-wide selloff. In the event of an extremely fast crash, the bears could retest the $0.000010 mark.

Featured image from Shutterstock

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