Bonk is now listed on Binance and while Investors go crazy, there's a lot more to expect!
Featured: Bonk | Shutterstock
Cryptocurrency investors worldwide were excited when Binance, one of the leading cryptocurrency exchange platforms, announced the official listing of the widely hyped Bonk (BONK) token.
The Bonk token is a dog-themed meme coin that operates on the increasingly popular Solana (SOL) blockchain.
This strategic decision to list the token went live today at 8:00 (UTC), which marks a significant milestone for both the exchange and the Bonk token.
Bonk to Begin Trading on Binance
In a bid to facilitate the token's trading, Binance commenced the Bonk listing with three distinct trading pairs: BONK/USDT, BONK/TRY, and BONK/FDUSD.
Of particular note, the inclusion of BONK/TRY highlights Binance's acknowledgement of fiat currency, specifically the Turkish Lira, a move given its absence in cryptocurrency.
While investors can deposit and engage in trading Bonk tokens immediately, the platform will enable withdrawals starting from 8:00 (UTC) this coming Saturday.
To streamline and differentiate tokens within its trading zones, Binance introduced the Seed Tag in July, showing tokens listed in the Innovation Zone and future innovative projects.
Notably, tokens adorned with the Seed Tag exhibit heightened volatility and associated risks compared to their counterparts.
To navigate prudently, traders venturing into Seed Tag-associated tokens must partake in a periodic quiz every 90 days on Binance's Spot or Margin platforms.
This quiz serves as a litmus test, ensuring traders comprehend the nuanced risks of trading these tokens, emphasizing user awareness and responsibility.
Unraveling the Bonk Token
The origins of BONK trace back to its inception in December 2022, emerging as a Shiba Inu-themed token within the Solana ecosystem as a playful meme-driven cryptocurrency.
While initially introduced as a meme coin, Bonk has found a niche on the Solana blockchain, witnessing adoption among several developers.
Notably, Bonk has emerged as a preferred payment method for non-fungible tokens (NFTs) among developers within the Solana network.
The development team behind Bonk, comprising 22 individuals sans a designated leader, boasts a collective history of crafting NFTs, decentralized applications (dApps), and associated Solana blockchain products.
Recent statistics indicated a huge surge in BONK's trading volume, skyrocketing to $80 million, showing a staggering 900% spike from its daily average at November's onset.
Furthermore, open interest in BONK surged an astonishing 900%, catapulting from $10 million to a staggering $100 million. CoinGecko's current data reflects an exponential surge of nearly 1,000% in BONK's value over the past 30 days.
Coinbase Stance and BONK's Meteoric Rise
The popularity of BONK has recently surged, especially after the announcement from major American crypto exchange Coinbase, stating that BONK will be included in their offerings.
Asset added to the roadmap today: Bonk (BONK)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 13, 2023
As a result, BONK's value increased by 8%, reaching $0.00001132. This surge added to an already impressive upward trend, with BONK's value having soared over 400% in just 30 days.
Subsequently, after Coinbase's announcement, BONK increased in value by an additional 40%. However, Coinbase has taken a cautious approach, promising to establish sufficient supply before initiating phased token launches.
In a fascinating turn of events earlier this week, BONK supplanted Pepe, ascending to become the third-largest meme coin in the cryptocurrency market by market capitalization.
The surge in BONK's value is intricately linked to the broader expansion witnessed within the Solana ecosystem. Notably, MarketWatch data underscores Solana's native SOL token, boasting an astounding 491% year-to-date return, echoing the resounding growth experienced within the Solana network.