Market
How Binance Listing Resulted in a 130% BONK Rally
[ad_1]
The spot trading of Solana’s largest memecoin – Bonk (BONK), goes live on Binance, and the token has surged by 134%.
Less than a year ago, the meme coin BONK was created by an anonymous team. Remarkably, the token’s market capitalization has now surpassed $2 billion, securing its position among the top 50 cryptocurrencies based on market capitalization.
Binance Lists Bonk
The spot trading for BONK/USDT, BONK/FDUSD, and BONK/TRY went live on Binance from 8:00 AM UTC Friday. However, Binance applied a Seed Tag to the BONK trading pairs.
“The Seed Tag represents innovative project that may exhibit higher volatility and risks compared to other listed tokens.”
Certainly, Bonk falls into the category of meme coins characterized by high volatility and minimal use cases. The identity of the teams behind most meme coins, including Bonk, remains largely unknown.
Nonetheless, due to the Binance listing, the price of BONK is up by 134% in the past 24 hours, adding at least $1 billion to its market capitalization. The screenshot below shows that it is trading at $0.00003393, ranking 44th based on market capitalization.
Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023
The price of Bonk has been soaring throughout the week as it became the third largest meme coin after Dogecoin and Shiba Inu. The rally escalated further after Coinbase added support for Bonk on Thursday.
BeInCrypto reported that in 56 days since the lows, the token has surged by over 8,820%
Solana Mobile Sales 10X
The Bonk hype has resulted in the increased sale of the Solana Saga Mobile. Solana co-founder – Raj Gokal posted on X (Twitter) that in the past 48 hours, the sales of the Solana Mobiles have increased by at least 10 times.
Moreover, the official account of the Solana Mobile posted:
“Wow, what a day 🔥🔥🔥
We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️
To our frens in Europe, we’ve still got a few left for you.
Stay tuned for what’s next 🫡”
The Solana Mobile offers an airdrop of 30 million Bonk tokens to the buyers. However, based on current market prices, it is worth over $1000.
Surprisingly, the Solana mobile is priced at $599. Consequently, with the Bonk airdrop, the Web3 smartphone becomes cost-free.
Read more: How to Buy Solana (SOL) and Everything You Need To Know
Do you have anything to say about the Bonk Binance listing or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
[ad_2]
Source link
