After a widely anticipated process, BONK, a memecoin part of the Solana ecosystem, accomplished a major milestone with its successful listing on Coinbase in 2023. The lead-up to its listing saw an extraordinary 18,000% surge in value, making it the largest pump on Coinbase for the year. The journey to the listing was filled with volatility and ups and downs, with BONK’s market value reaching nearly $900 million before experiencing a 40% correction.
Coinbase’s listing process typically unfolds in three phases: roadmap announcement, confirmation of support, and commencement of full trading. Each of these stages had a notable impact on BONK’s market value, including a 27% drop on other exchanges following the roadmap announcement and up to a 50% surge after the confirmation of BONK’s availability for trading in US dollars. BONK’s value more than doubled in the 18 hours following its official listing on Coinbase, although it experienced a brief decline of about 40% just two days post-listing.
While the listing process revealed the inherent volatility of memecoins like BONK, it also highlighted certain advantages, such as its integration within the growing Solana ecosystem, impressive market performance, and the launch of BonkSwap, a decentralized exchange within the BONK ecosystem. However, potential investors were also cautioned to consider the high supply of BONK coins, meme coin volatility, market fluctuations, anonymity of its creators, and limited practical use before investing.
For those interested in purchasing BONK, there are different methods and platforms available. BONK can be acquired through traditional payment methods on centralized exchanges (CEX) like Coinbase, Binance, and KuCoin, or through crypto swaps on decentralized exchanges (DEX) within the Solana ecosystem, such as Raydium and Orca. Ethereum users can also engage with BONK by purchasing Wrapped BONK tokens, which mirror the market value of BONK native to the Solana blockchain.
It’s important for potential investors to conduct thorough research, stay aware of the potential influence of FOMO, and remember the risks associated with trading meme coins before investing in BONK.
BONK’s significant price surge around its Coinbase listing is part of a broader trend observed with other cryptocurrencies. This year, 15 different cryptocurrencies, except for FLR, experienced a price increase in the period between Coinbase’s confirmation of their listing and the actual listing event. This suggests a minimal short-term correlation between Bitcoin’s price movements and those of cryptocurrencies newly listed on Coinbase. It’s also noted that announcements of new listings on Coinbase are generally linked to an increase in the prices of those cryptocurrencies, but this correlation does not necessarily extend to the period following the actual listings.
Overall, BONK’s successful listing on Coinbase marks a significant milestone for the memecoin within the Solana ecosystem. As with any investment, potential investors should carefully consider all factors and conduct thorough research before making their decision.