A meme coin built of Solana, BONK, gained over 45% in the last 24 hours after Coinbase pledged support for it. This price increase puts BONK among the top gainers this month.
It attained a new all-time high value (ATH) of $0.00001529 today, December 14.
Also, its market cap has increased by 45% above $879.68 million. Remarkably, BONK will begin to trade on Coinbase by 9 a.m. Pacific Time today.
Coinbase Listing Driving BONK’s gains
Coinbase will add support for Bonk (BONK) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) December 13, 2023
Coinbase announced that they will add support for Bonk (BONK) on the Solana network. Also, transfers for these assets are available on Coinbase in regions where trading is supported.
However, the exchange noted that trading of BONK may be restricted in some locations. Also, BONK will carry an Experimental Asset label since it is new.
This tag is added to new assets that may have a lower trading volume compared to other established tokens. Further, CoinGecko noted on X that BONK has gained value after its listing on Coinbase.
This listing masked the fact that it’s the third largest meme coin behind DOGE and SHIB to be listed on Coinbase.
BONK’s Price Gains Boosted The Solana Ecosystem
Solana’s Ecosystem Rise
The Solana ecosystem has been on a meteoric rise during this past rally with its memecoin $BONK skyrocketing over 8000% and Tensorians NFT rising over 1100%.
Adding to this momentum, @jito_sol’s recent lucrative airdrop has generated a wealth effect,… pic.twitter.com/2TwH0dfzmr
— An Ape’s Prologue (@apes_prologue) December 13, 2023
According to a crypto researcher, An Ape’s Prologue, the Solana ecosystem rallied during the current uptrend. Impressively, BONK gained over 800%, and the Tensorians NFT collection gained 1100% on its original value.
Additionally, the Jito Airdrop on Solana created a positive effect, drawing more attention to its ecosystem.
This event attracted more airdrop farmers, raising the value of Solana’s ecosystem. The increased value is also evident in Marginfi, another project on Solana. Notably, it recorded over 10,000 new accounts daily following the JTO airdrop.
Based on on-chain data, Solana has risen to attain yearly highs in terms of user adoption, liquidity, and on-chain volume. Impressively, its market share has increased in the last few weeks.
This increase is due to ecosystem developments and a positive trend in the crypto market.
Currently, Solana competes with Ethereum for control of the DeFi market share. Its market share spiked from 6.5% to 27.8%, which is an all-time high value.
Solana’s Ecosystem Rise
The Solana ecosystem has been on a meteoric rise during this past rally with its memecoin $BONK skyrocketing over 8000% and Tensorians NFT rising over 1100%.
Adding to this momentum, @jito_sol’s recent lucrative airdrop has generated a wealth effect,… pic.twitter.com/2TwH0dfzmr
— An Ape’s Prologue (@apes_prologue) December 13, 2023
Also, when it comes to NFT trading volume, Solana’s is quite outstanding. Solana NFT sales increased by 15.23% in November, showing the rising value in the ecosystem.
Also, the airdrops hosted on Solana attracted more investors, boosting the value of the ecosystem and increasing its relevance. Even though the crypto market has retraced slightly this week, Solana continues to record growth and progress based on utility and positive investor sentiment.
Nevertheless, investors must be careful to avoid losing their tokens to price volatility, which is constant in the crypto market. The good news is that Solana is a leading ecosystem in the industry, and more positive developments will boost the long-term value of SOL tokens.
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