The price of a Solana-based meme-inspired cryptocurrency has recently surged more than 20% after a surprise listing on a major centralized cryptocurrency exchange, KuCoin, after having already seen its price surge more than 800% over the last six months.
The meme-inspired cryptocurrency was recently listed on the cryptocurrency exchange, which is known for listing various altcoins that often aren’t listed on other major exchanges, which seemingly supported its growth.
The listing announcement details that BONK was “launched as a massive Christmas airdrop to the Solana community at the end of 2022, almost marking the exact bottom of Solana’s price & sentiment” and manage to get to a high of 480,000 unique token holders while being supported by over 100 applications.
According to TradingView data, the meme-inspired cryptocurrency BONK is currently trading at $0.0000044, up from around $0.00000016 back in October after it started surging. The surge was partly fueled by leading cryptocurrency exchange Binance listing BONK futures contracts, along with futures contracts for decentralized finance network PYTH.
BONK currently ranks just within the top 250 cryptocurrencies in terms of market capitalization with a $230 million market capitalization after a surge that came at a time in which institutional investors are increasing their bets on Solana, the layer-1 cryptocurrency on which BONK was launched, with over $13 million going into cryptocurrency investment products offering exposure to Solana over the past week.
The rising popularity of BONK seems to be influenced by the recent surge in the price of SOL, as developers are beginning to recognize the strengths of the blockchain once again. However, while SOL has seen an 85% increase over the past 30 days, BONK, the leading meme coin on the network, has witnessed even more substantial gains.
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Featured image via Unsplash.
