The Solana-based meme coin, BONK, experienced a remarkable surge after getting significant support from Coinbase
The Solana-based meme coin, BONK, experienced a remarkable surge of 7000% in 2023, setting a new all-time high (ATH). This surge was fueled by significant support from Coinbase, the world’s second-largest cryptocurrency exchange. The exchange announced its intention to add support for BONK on the Solana network, potentially listing the meme coin if certain conditions are met.
Finds Support from Coinbase
BONK, a meme coin thriving on the Solana blockchain, recently gained support from Coinbase. The announcement, made on X (formerly Twitter), revealed that Coinbase plans to initiate trading for BONK on December 14, contingent on meeting liquidity conditions. Additionally, the exchange is set to launch BONK-USD trading pairs in successive phases, subject to establishing sufficient meme coin supply. However, failure to meet these conditions could result in Bonk not being listed on Coinbase, notwithstanding jurisdictional considerations.
This development marks a significant milestone for BONK, as Coinbase support is expected to propel the meme coin to new heights.
BONK Price Sees New Highs
Following the announcement and amidst the anticipation of Coinbase listing, BONK’s price witnessed an impressive surge of nearly 30% within 24 hours. The meme coin reached an intra-day high of $0.00001496 before experiencing a minor correction, settling just below $0.00001306 by the close of the daily trading session.
As of the latest update, BONK not only maintains its new year-to-date highs but is also challenging a crucial resistance level at $0.00001306. If successfully flipped into a support line, this could provide the necessary bullish momentum for sustained growth.
Considering the recent bearish market trend over the past three days, BONK holders might contemplate profit-taking. However, if they choose to hold, the meme coin could potentially surge beyond its current highs. In such a scenario, a drawdown to $0.00001137 seems less likely, and bouncing off the $0.00001306 support level could propel the Solana-based meme coin to further heights.
The extraordinary surge in BONK’s price, coupled with the Coinbase support announcement, highlights the growing influence of meme coins within the cryptocurrency market. As BONK continues to make headlines and set new ATHs, the broader crypto community eagerly awaits its listing on Coinbase and the potential implications for the meme coin’s future trajectory. Traders and enthusiasts alike will be closely monitoring the market as BONK rides the waves of this unprecedented surge.