Memecoins Are Trending: BONK Is Leading The Way
Another popular Doge-themed meme coin, the Bonk token on the Solana blockchain, is in the spotlight of investors and is breaking all sorts of records. The price of BONK has increased by more than 40% over the past 24 hours and was trading at $0.0000131 at the time of writing, and trading volume over the past 24 hours has exceeded $200 million. Over the month, BONK’s growth was almost 1000%.
Today, BONK has become the third most popular meme currency after DOGE and SHIB. The growing hype around this memecoin may be based on rumors that the largest US exchange Coinbase may list the cryptocurrency.
Coinbase’s move to include BONK in the list of tradable assets has not been confirmed in any way and is based only on assumptions by a number of blockchain observers. For example, in a tweet, a former CoinFlip executive explained that BONK tokens are sent to the Coinbase hot wallet as if “it is a supported coin.”
When users transfer BONK tokens to a Solana address associated with Coinbase on the platform, Coinbase transfers a small amount of SOL to that address and then moves the user’s BONK to the exchange’s hot wallet. X (Twitter) user @cited adds that such transactions are how Coinbase tests crypto tokens before listing them on the exchange.
Notably, Coinbase has not made any official announcements indicating a potential BONK listing. However, analysis shows that token Jito (JTO) went through a similar process before Coinbase announced its official listing recently.