- BONK, a Solana-based memecoin, had one of the biggest debuts ever on Coinbase with $238 million in volume on its first day. This ranked 12th among over 270 tokens listed on Coinbase.
- BONK has seen a meteoric rise over the past month, posting the largest gains among all coins with a market cap above $10 million. In the past week it soared 147% and in the past month it surged 836%.
- BONK’s overnight success demonstrates the power of memes and online communities to drive major crypto rallies, similar to DOGE and SHIB. Its Coinbase debut cements its status as one of the hottest cryptocurrencies right now.
Solana-based memecoin BONK had one of the most successful debuts ever on the Coinbase cryptocurrency exchange. The dog-themed token saw massive trading volume right out of the gate.
Huge First Day Volume
BONK generated approximately $238 million in trading volume within its first 24 hours on Coinbase, according to Rishi Prasad, Coinbase’s product manager. This ranked it as the 12th highest debut by volume among over 270 tokens listed on Coinbase since the exchange launched in 2015.
For comparison, SHIB saw $126 million on its first day last September, ranking 20th. DOGE had an initial volume of $263 million in June 2021, placing 9th. And XRP did $161 million when relisted, landing it in 16th place.
BONK’s Meteoritic Rise
BONK’s big first day caps off a stunning price surge over the past month. It has posted the largest gains over the past week and past month among all coins with a market cap above $10 million. In the last week alone BONK soared 147%, while the monthly increase reached a staggering 836%, per Coingecko.
The huge rally coincided with exchange listing announcements from Coinbase and Binance.
Memecoin Mania
Like DOGE, PEPE and SHIB before it, BONK demonstrates the power of memes and online communities to drive major crypto rallies.
BONK launched a year ago during the FTX collapse. As a way to cheer up the Solana community after the fall of its biggest backer Sam Bankman-Fried, the BONK team gifted tokens to Solana developers. Each received 25 billion BONK, now worth over $700,000.
Some whales have already started cashing in on the mania. Investor Adam Cochrane said one developer sold $25 million worth of BONK OTC.
The demand has been so high that Solana’s phone preorders in the U.S. sold out completely. Each phone comes with 30 million BONK tokens.
Conclusion
In a crypto market desperate for some cheer, BONK has delivered joy, memes and monster returns. The overnight success shows the enduring power of community sentiment and viral trends to move markets. BONK’s listing debut cements its status as one of the hottest cryptocurrencies right now. Its future remains uncertain, but the past month has been an undeniable blast for holders of the memecoin.
