Coinbase has announced that it will officially support altcoin BONK, a rising star in the Solana network ecosystem known as the pioneer of cryptocurrency exchanges.
This support marks an important milestone for BONK. This is an important development for memecoin, which has been on the rise recently within the Solana network ecosystem.
Approval to BONK
As of December 4, 2023, Coinbase has opened the door to BONK transfers. However, he warns to be careful that transfers should only be made through the Solana network to avoid potential losses.
This support from Coinbase comes at an opportune time for BONK. Within a week, this Solana-based memecoin gained impressive value. It recorded a 50 percent increase the day it was listed on the stock exchange.
This jump has propelled altcoin BONK into the third-largest dog-themed memecoin by market cap. However, it is still behind industry giants Dogecoin and Shiba Inu.
Stock Exchange Listings
The factors behind BONK’s meteoric rise are diverse. One of the main factors is its recent listing on major crypto exchanges such as Binance and KuCoin.
Additionally, the Solana ecosystem itself has experienced significant growth. This is especially true in the DeFi sector, which has given Solana-based tokens like BONK an advantage over their Ethereum-based rivals.
Memecoins are on the Rise
This bull trend in the Memecoin market is not limited to BONK alone. Other notable players such as altcoins Dogecoin, Shiba Inu, Floki and Pepe also recorded significant gains. This could signal a strong recovery and renewed interest in memecoins.
Coinbase’s support of BONK and the token’s listing on other major exchanges have positioned it as one of the popular memecoin candidates of the future.
