The meme coin known as Bonk has catapulted to new heights, surging by an astonishing 134% following its listing on the Binance exchange. Let’s delve into the details of this meteoric rise and the implications it holds for the cryptocurrency market.
BONK Mysterious Origins and Swift Ascent
Notably, less than a year ago, the enigmatic Bonk token was conceived by an anonymous development team. What’s truly astounding is that this meme coin’s market capitalization has now breached the $2 billion mark, firmly establishing itself within the top 50 cryptocurrencies by market capitalization.
The excitement reached a fever pitch as spot trading for BONK/USDT, BONK/FDUSD, and BONK/TRY pairs commenced on Binance, effective from 8:00 AM UTC on Friday. However, it’s worth noting that Binance applied a unique “Seed Tag” to the Bonk trading pairs, signifying them as innovative projects that may carry higher volatility and risks compared to their counterparts.
Bonk falls squarely into the category of meme coins, characterized by their inherent volatility and limited real-world applications. As with most meme coins, the identity of the team behind it remains shrouded in anonymity.
Explosive Price Surge
Nevertheless, since its Binance listing, the price of BONK has witnessed an astounding 134% surge within the past 24 hours alone, adding a staggering $1 billion to its market capitalization. At the time of writing, the token is trading at $0.00003393, securing its position as the 44th largest cryptocurrency by market capitalization.
Bonk’s price surge throughout the week has propelled it to the third spot among meme coins, trailing only Dogecoin and Shiba Inu. The rally received a substantial boost after Coinbase added support for the token on Thursday.
The Bonk frenzy has also had a ripple effect on the sales of Solana Saga Mobile phones. Raj Gokal, co-founder of Solana, reported a tenfold increase in Solana Mobile sales over the past 48 hours. The official Solana Mobile account celebrated the milestone and expressed gratitude to its customers.
Interestingly, purchasers of Solana Mobile phones are entitled to a generous airdrop of 30 million Bonk tokens. Given current market prices, this airdrop is valued at over $1000. What’s even more astonishing is that the Solana Mobile phone itself is priced at a mere $599, effectively making it a cost-free acquisition when factoring in the Bonk airdrop.