Coinbase, one of the world’s leading cryptocurrency exchange platforms, recently announced its plans to incorporate the popular meme token BONK into its roadmap. This announcement, detailed in the platform’s blog section, underscores the exchange’s commitment to integrating new digital assets onto its platform.
BONK, the first dog-themed token on the Solana blockchain, has experienced significant development since its launch in December 2022. In line with its motto “for the people, by the people,” BONK distributed half of its total supply to the Solana community through an airdrop. This unique distribution strategy garnered attention, contributing even to a rise in the SOL token’s price when trading began in late 2022.
Asset added to the roadmap today: Bonk (BONK)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 13, 2023
The market’s reaction to Coinbase’s announcement resulted in an earthquake for BONK’s price. Since early November, the token had seen an impressive growth of 2,969%, maintaining its upward trend until the first days of December. However, a sudden shift in the trend led to a decline in the token’s price.
BONK Could Be An Opportunity
Coinbase’s announcement triggered an increase in BONK quotes, with the value of the meme token rising by over 17%. However, this momentum proved short-lived, as a rapid sell-off ensued, resulting in a significant drop of 21.15%. This resulting volatility transformed BONK into a financial roller coaster, providing both bullish and bearish investors with an interesting yet unpredictable opportunity.
According to CoinMarketCap data, BONK’s price grew an impressive 9,226% since its launch. In the last month alone, the increase was approximately 360%. The value of the memecoin on November 7th was $0.0000007666. At the time of writing this article, 21 hours have passed since the start of the token’s downturn, which saw a nearly 21% decrease, leaving the trading price at around $0.00001021. On the other hand, the market capitalization lost the same percentage and stands at around $620 million. Meanwhile, the volume for the last 24 hours was just over $154 million, showing a positive development of 11.4%.
