Solana‘s native meme coin BONK has surpassed established cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) in trading volume on Coinbase, drawing significant attention from the crypto community. BONK’s trading volume soared above $33 million, highlighting its growing influence in the market.
According to CoinGecko, BONK’s trading volume against the USD reached $33 million, outperforming DOGE/USD at $20.5 million and SHIB/USD at $11.3 million. This achievement underscores BONK’s increasing popularity and trading activity on the Coinbase platform.
Following its Coinbase listing, BONK experienced a notable price surge of over 40%, reflecting the typical temporary price boost that comes with the exchange’s selective token offerings. This rise reinforces the impact of Coinbase listings on token valuations.
Despite its origins as a meme coin, BONK has rapidly gained traction within the Solana ecosystem, becoming a preferred option for transactions involving NFTs. Its wider adoption has contributed to BONK’s sustainable growth and solidified its market position.
BONK currently ranks 79th in total trading volume, surpassing tokens like SHIB and achieving higher volumes than Ethereum Classic, placing just below tokens like GALA and The Sandbox (SAND). With a market value of $937 million and trading at $0.00001549, BONK’s presence in the market is noteworthy, challenging and surpassing more established tokens.
BONK’s exceptional performance is closely linked to Solana’s (SOL) significant recent rally, particularly following the challenges posed by the collapse of the FTX exchange. The positive trajectory of BONK has contributed to the revival of market sentiment around Solana, showcasing the symbiotic relationship between a meme coin and the blockchain ecosystem. As BONK continues to outperform veteran meme coins and secure a significant position on Coinbase, its rise reflects the evolving dynamics in the crypto space.