In a surprising turn of events, the value of BONK, a meme coin based on the Solana blockchain, experienced a bullish rally, driven by a show of support from Coinbase, the world’s second-largest cryptocurrency exchange. The announcement from Coinbase indicates that the meme coin could potentially secure a listing on the platform, contingent upon reaching a substantial trader base.
Coinbase Backs BONK
BONK has now joined the exclusive list of cryptocurrencies on Coinbase. The cryptocurrency exchange, through its official communication channel on X (formerly Twitter), revealed its intention to extend support to BONK, utilizing the Solana network’s SPL token.
The integration will be executed in multiple stages. Initial trading of BONK on the exchange is scheduled to commence on December 14, subject to the fulfillment of liquidity requirements by the token. Subsequent phases will witness the introduction of BONK-USD trading pairs, provided there is an ample supply of the meme coin. Failure to meet these conditions may result in Bonk not securing a listing on the exchange, irrespective of jurisdictional constraints.
This development is anticipated to have a significantly positive impact on the price of BONK, a trend that has already materialized over the past 24 hours.
BONK Achieves New Heights
Within a 24-hour timeframe, the price of BONK soared by an impressive 30%, peaking at $0.00001496 during intra-day trading. However, the daily trading session concluded with a minor correction, causing the meme coin to dip below $0.00001306.
As of the latest update, BONK is not only marking fresh year-to-date highs but has also breached the resistance level at $0.00001306. Should this level transform into a support line, it could potentially fuel the bullish momentum required to sustain the recent growth.
While the market is still recovering from the bearish trend witnessed over the past three days, there is a possibility that BONK holders may choose to capitalize on profits by liquidating their holdings. Nevertheless, should they opt for restraint, the meme coin might witness an upward trajectory beyond its existing peaks.
In the event of a failure to rally during the introductory period on Coinbase, BONK’s profit potential may fall short of investor expectations, potentially resulting in a dissipation of bullish momentum and a decline in BONK’s price to $0.00001137 and beyond.
