Why Is Bonk Price Up Today?

Bonk, a cryptocurrency that initially fashioned as a memecoin, part of the Solana ecosystem, curated a cyclone of speculations within the cryptocurrency universe on Thursday. The frenzy arose as the Solana-backed cryptocurrency illustrated a noteworthy upward trajectory in its price within the broader crypto market.

The upswing momentum illustrated by the token appears to align with a significant listing announcement made by one of the leading crypto exchanges recently.

Furthermore, an eminent crypto analyst drew traders’ attention to the significant surge witnessed by the token.

Bonk’s Listing On Coinbase

Coinbase, a leading crypto exchange, recently announced that the firm plans to build up support for Bonk (BONK) trading on the platform. Moreover, as per the exchange’s announcement, the trading for BONK on the platform commences today, December 14.

In its announcement, Coinbase further emphasizes not to trade the asset on networks other than Solana to mitigate users’ losses. Furthermore, the exchange navigated its listing toward a more transparent approach, adding the Experimental label next to BONK. With the amalgamation of this label next to BONK, Coinbase aims to notify its users to exercise caution while trading.

Meanwhile, the firm commences trading for BONK-USD trading pairs on the Solana network.

Also read: Former Credit Suisse Exec Revolutionizes Crypto Trading With BTC & ETH Spot Launch

BONK Price Spikes Whoppingly

At the time of writing, the Bonk price noted a colossal surge of 45%, reaching $0.00001525. Moreover, in the past seven days, the token noted a 65% surge in its price escorted by a monthly upswing of 681%.

The significant price upsurge witnessed by the token in the past 24 hours comes primarily due to Coinbase’s listing chronicle. In addition, even the token’s market cap recorded a substantial increase of 45%, evaluating $928 million. The upsurge in Bonk’s market cap also comes concurrent to Coinbase’s listing announcement.

However, the price surge noted by the token over the past few days aligns with other market trends as well.

Solana, the backup behind BONK, also appears to have gained substantial traction as the token recorded a price upsurge. While writing, the Solana price recorded a significant 9% increase in the past 24 hours, currently resting at $72.33. Furthermore, the token appears to have surged notably by 14% in the past week, accompanied by a monthly surge of 33%.

The rise in Bonk’s price in recent days could also be attributed to the significant surge witnessed by the Solana network. Moreover, a well-known crypto analyst, Coinskid, also amassed crypto enthusiasts’ attention towards the Bonk price upsurge. In his statement, the analyst illuminated Bonk’s 7,000% rise since the last 4-hour buy signal, noted 53 days ago.

With the Bonk price soaring amid ongoing developments, the token appears to have stockpiled an array of bullish sentiments within the global crypto market.

Also read: Cathie Wood’s Ark Invest Sells $43M Coinbase & $1.6M GBTC Shares As Prices Hit New High

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.