Binance and Coinbase Listings Send BONK to All-Time High
BONK listing on Binance and Coinbase sends its value to new highs as early buyers make millions off selling the Solana-based memecoin.
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BONK memecoin gained over 100% in 24 hours and 1000% in 30 days after Binance and Coinbase announced the token's listing. The announcements, which came within 24 of each other, mark a significant milestone for the Solana-based memecoin and highlight the resurgence of the Solana network.
According to CoinMarketCap, the memecoin reached $0.00003419, a new ATH after the listings. The gains added more than $1 billion to its market cap as it entered the top 50 cryptocurrencies by market. It has since seen a price retraction and trades at $0.00003036 with a 75% gain in 30 days.
Coinbase Lists BONK As Third Memecoin
US-based exchange Coinbase announced the listing of BONK on December 13, causing the memecoin to rise by 45%. BONK is the third memecoin to list for trading on Coinbase after DOGE and SHIBA INU. The listing on Coinbase is quite remarkable, given the exchange's strict rules regarding listing.
Unsurprisingly, the exchange noted that trading the asset may be restricted in some jurisdictions and added the experimental asset label to the listing. This tag is usually for new cryptocurrencies with relatively lower trading volume.
Binance Listing Further Pumps BONK
Only 24 hours after the Coinbase listing, Binance announced on December 15 that it would also list BONK. Despite its challenges, Binance remains the largest exchange by market share. Thus, its listing caused a big splash.
The memecoin immediately rose more than 100%, reaching a new high and driving record trading volume. CoinMarketCap reported a volume of $1.87 billion in the last 24 hours. Binance has also said it will list the derivatives trading option of the token in the next few days.
BONK Prints New Crypto Millionaires
BONK's recent performance has made several early buyers and patient traders millionaires. This is due to its 11,000% gains in a year. Lookonchain reported on some traders who have made millions on their BONK holdings. One sold 166 billion BONK today for $4.55 million, making a profit of about $4.4 million. The trader held the coins for more than one year at a loss before selling.
Another trader accumulating BONK for more than ten months has sold 48 billion of their holdings for $1.36 million. They still hold 274.4 billion BONK worth $8.33 million and stand to make over $9 million in profit if they sell.
However, BONK's recent performance is not a sign to buy the memecoin. With the exchange listings and price reaching a new peak, several whales are offloading their BONK supply for profit. After the listing, crypto-focused venture capital firm DWF Labs deposited 50 billion BONK on Binance. This means that the asset might have peaked, and anyone buying BONK now will likely be left holding the bag.
