Coinbase adds Solana’s BONK token to its listing

Coinbase adds Solana’s BONK token to its listing

Coinbase, a leading crypto exchange in the United States, has announced that it will be listing the Bonk (BONK) token, a dog-themed token on the Solana blockchain.

Over the last month, BONK has experienced a substantial 350% increase in value, propelling it to the top spot among dog-themed cryptocurrencies.

Assets placed on Coinbase’s roadmap reflect the exchange’s decision to list these assets in a move aimed at bolstering transparency through the balanced dissemination of information, according to the exchange.

Nevertheless, Coinbase advises against depositing these nascent assets to prevent the risk of permanent fund loss until there is a formal announcement about the full listing.

BONK is similar to other canine-inspired meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).

The newest meme coin has witnessed a significant increase in popularity among meme coin aficionados. In the past month, BONK’s value rose by 354%, outperforming the growth seen by its more established counterparts, DOGE and SHIB, during the same period.

Coinbase adds Solana's BONK token to its listing - 1
BONK price chart | Source: CoinMarketCap

Meme coins have consistently played a role in the crypto landscape, often experiencing price surges in line with general market trends. These digital currencies, frequently linked to an animal theme, gained traction in 2023, especially as interest in spot Bitcoin ETFs seemed to boost investment into digital assets.

Solana’s blockchain also reported a remarkable trading volume of $924.7 million over a 24-hour period, outpacing the on-chain trading activity of Arbitrum, Binance Smart Chain, Polygon, Avalanche, and Thorchain.

Ethereum remained the only network with a higher trading volume than Solana, according to DefiLlama. The leading altcoin blockchain registered a trading volume of $1.3 billion within the same timeframe.

Coinbase adds Solana's BONK token to its listing - 2
Top 5 blockchains by 24-hour trading volume | Source: DefiLlama

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