BONK Meme Coin on Solana Network Continues to Surge
It seems that BONK, a meme coin on the Solana network, is continuing its surge, as it has spiked over 25% in value, according to CoinGecko. This comes after Binance, the world’s largest cryptocurrency exchange, announced that it will be launching a BONK futures offering—1000BONK—along with one for PYTH, a decentralized finance (DeFi) network of oracles that recently had a 255 million PYTH token air drop.
The fact that these two buzzworthy coins on Solana are landing Binance listings is significant, particularly in the wake of the exchange’s recent leadership changes and significant outflows. Some industry experts believe that these moves with BONK and PYTH could be an early market-making play by new Binance CEO Richard Teng.
Binance Futures will be launching the USDⓈ-M 1000BONK and PYTH Perpetual Contracts with up to 50x leverage. As of now, BONK is barely within the top 250 cryptocurrencies by market cap with a value of $197 million, trading at $0.00000459, but it set an all-time high on Monday with a 1,700% jump.
While SOL has seen a surge in price, BONK has seen even bigger gains, reflecting the overall strength of the Solana network and the increasing popularity of meme coins.
Hot Take: BONK Continues to be the Meme Coin to Watch on Solana
BONK’s continued surge in value and attention from major cryptocurrency exchanges like Binance indicates that meme coins, particularly those on the Solana network, are gaining momentum and investor interest. Its recent spike in value highlights the growing influence of meme coins within the broader cryptocurrency market. Additionally, Binance’s move to launch BONK futures offerings is a significant development that could further increase the visibility and accessibility of BONK for traders and investors.
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