TL;DR
The ever-evolving cryptocurrency sector is an intriguing niche where new tokens pop up quite frequently. Many of those fail to put their names in the spotlights, but a few make a splash and attract much of the investors’ attention.
One such asset is Bonk Inu (BONK), which experienced a $1,200% price explosion in the past month, while its market capitalization surpassed the $2 billion milestone.
The coin, which saw the light of day less than a year ago, is currently the 44th largest in the entire digital asset realm. As such, it would be interesting to check what stands behind that astonishing rally.
One possible factor could be the connection with another leading digital asset, with BONK described as “the first Dog-themed memecoin on Solana.” SOL has been a top performer this year, seeing its price skyrocketing by 650% since January 1. Most recently, it exceeded the $76 mark, a valuation last observed in May 2022.
Another reason that could have played a role in BONK’s surge is the interaction coming from Coinbase. Earlier this week, the US-based cryptocurrency exchange put the asset on its experimental “roadmap” program, hinting it is one step away from listing it.
That official support came a day later with Coinbase adding BONK to its platform. Still, the marketplace warned that the offering might be “restricted in some supported jurisdictions.”
Another crypto exchange that recently listed BONK is the world’s largest by trading volume – Binance. As CryptoPotato reported, the trading venue opened the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY on December 15, with withdrawals available from tomorrow (December 16).
Additionally, Binance intends to add the memecoin as a borrowable asset on its Isolated Margin program on December 17.
Despite the support, the marketplace warned users that the token “poses a higher than normal risk, and as such will likely be subject to high price volatility.”
