Solana-Based Meme Coin BONK Inu Surges 30% After Binance Listing
The price of the meme-inspired cryptocurrency Bonk Inu ($BONK) has experienced a significant surge, rising over 30% this week following its listing on Binance, one of the leading cryptocurrency exchanges. This surge adds to its overall growth of more than 1,200% in the past 30 days.
BONK Futures Contracts Listed on Binance
According to market data, the price of Bonk Inu surged after Binance announced that it was listing BONK futures contracts, as well as futures contracts for DeFi network PYTH.
Binance’s Recent Settlement with U.S. Regulators
This listing comes shortly after Binance agreed to pay a massive corporate penalty in the United States. The exchange settled with U.S. regulators for $4.3 billion due to accusations of breaking sanctions and money-transmitting laws. As part of the settlement, Changpeng Zhao (CZ), the founder of Binance, will resign from his role and admit to felony criminal charges of money laundering brought by the U.S. Department of Justice.
BONK’s Market Capitalization and Institutional Interest in Solana
BONK currently ranks within the top 250 cryptocurrencies based on market capitalization, with a total value of $230 million. Its recent surge aligns with the growing interest from institutional investors in Solana, the layer-1 cryptocurrency on which BONK was launched. Over the past week alone, more than $13 million has been invested in cryptocurrency products that offer exposure to Solana.
BONK’s Popularity and Strengths
The increasing popularity of BONK can be attributed to the recent rise in the price of SOL, as developers are once again recognizing the strengths of the Solana blockchain. While SOL has seen a 90% increase in the past 30 days, BONK, as the leading meme coin on the network, has experienced even more significant gains. The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Hot Take: Bonk Inu’s Explosive Surge Continues After Binance Listing
The listing of Bonk Inu on Binance has fueled its remarkable surge, with a 30% increase in price this week alone. This comes on top of its astounding growth of over 1,200% in the past month. As institutional investors show increasing interest in Solana, BONK’s popularity continues to rise. Its unique position as a Shiba Inu-themed cryptocurrency built on Solana’s blockchain has attracted attention and investment. While Binance faces regulatory challenges and penalties, its listing of BONK futures contracts contributes to the coin’s success. With these developments, Bonk Inu remains one to watch in the evolving crypto landscape.
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