Bonk, a currency initially labeled as memecoin and part of the Solana ecosystem, has recently sparked great speculation in the cryptocurrency market. The excitement for this token arose when Bonk showed a significant increase in its price.
The bullish momentum shown by this token appears to be in line with a significant announcement by one of the major crypto exchanges recently.
Coinbase, a major crypto exchange, recently announced that they intend to support Bonk (BONK) trading on its platform. Additionally, according to the exchange's announcement, trading for BONK on the platform begins today, December 14.
In its announcement, Coinbase emphasized not to trade the asset on networks other than Solana to reduce user losses. At the time of writing, the price of Bonk recorded a huge jump of 42%, reaching $0.000014. Additionally, in the last seven days, the token has seen a 65% jump in its price with a monthly jump of 681%.
The significant price jump seen in the last 24 hours is due to the entry in the Coinbase exchange. However, the market takes a cautious step after it starts trading because usually, traders will sell.
Solana, the backer behind BONK, also seems to have gained a lot of traction as the token posted a price increase. At the time of writing, Solana's price has registered a significant increase of 9% in the last 24 hours, currently standing at $72.33. Moreover, the token appears to have experienced a significant increase of 14% in the last week, accompanied by a monthly increase of 33%.
