Bonk Inu (BONK) surges 100% after listing on Binance, market capitalization approaches $2 billion

By Crypto Gloom On Dec 15, 2023

The cryptocurrency market is seeing a rapid rise. BONK, The Solana-based memecoin has surged a whopping 100% in the last 24 hours and has recorded an unprecedented 1,000% increase over the past month. Its market capitalization is on the verge of reaching a staggering $2 billion, making it the 46th largest cryptocurrency asset on the market.

BONK’s explosive surge and listing on Binance

BONK’s recent surge in value can be partially attributed to Binance, the world’s leading cryptocurrency exchange by trading volume. Binance announced the listing of BONK on December 15 and introduced spot trading pairs including BONK/USDT, BONK/FDUSD, and BONK/TRY. Binance, which began accepting withdrawals on December 16, introduced BONK as a borrowing asset for its Isolated Margin Program, waiving listing fees.

However, despite listing BONK, Binance warned users about the token’s high volatility and emphasized the need for rigorous research and proper risk management before trading. Coinbase previously included BONK in its “Roadmap” program prior to officially listing it on the platform.

Factors driving the surge in BONK

In addition to the Binance listing, several factors contributed to BONK’s remarkable price rise. The ongoing trend of meme coins in the cryptocurrency space, featuring the popularity of assets such as Dogecoin (DOGE) and Shiba Inu (SHIB), has had a significant impact on the growth of BONK. Despite similar memecoin movements, BONK had more tangible gains.

Also Read: Dogecoin vs Shiba Inu: A Comprehensive Guide to Investing in Memecoin

Moreover, the Fear of Missing Out (FOMO) effect potentially attracted many investors into BONK’s ecosystem, which was probably driven by the token’s rapid price rise rather than thorough research and analysis.

BONK’s partnership with Solana, one of the best-performing cryptocurrencies of the year, also contributed to its success. Solana has experienced an incredible 650% surge in value since the beginning of the year, potentially strengthening BONK’s appeal among investors.