Solana-based memecoin BONK adds $1B to market cap following exchange listings

The Solana-based memecoin BONK surged by over 100%, reaching a new all-time high in the past 24 hours. This remarkable ascent contributed more than $1 billion to its market capitalization, per CryptoSlate data.

With this surge, BONK now ranks as the third-largest memecoin by market capitalization, trailing only Dogecoin and Shiba Inu. BONK’s market cap is at $1.8 billion as of press time.

Moreover, BONK’s trading volume has reached unprecedented levels, with a staggering 331% surge to $1.16 billion recorded in the past day. This trading volume surpasses the combined trading volumes of other top memecoins like DOGE and SHIB during the same period.

Meanwhile, the recent surge in value has resulted in substantial profits for early BONK investors. Crypto analyst Lookonchain reported that a trader that acquired 69 billion BONK at an average price of $0.0000021 sold 52.3 billion units today for $927,000, securing profits totaling $784,000.

Why BONK rallied

The recent surge in BONK’s value can be attributed to multiple key factors. Notably, its recent listing on major cryptocurrency exchanges such as Coinbase, Binance, and KuCoin has significantly fueled its upward trajectory.

Traditionally, when a digital asset gets listed on exchanges, it tends to spark price increases by making it accessible to a broader audience within the crypto community.

Moreover, the positive sentiment surrounding the Solana ecosystem has played a role in boosting BONK’s momentum.

SOL itself has emerged as a strong performer among alternative cryptocurrencies this year. The substantial growth observed in Solana’s DeFi sector has propelled tokens based on the blockchain to rally to new highs, as seen in cryptocurrencies like Helium’s HNT.

BONK aids Solana Saga phone sales

Increased sales of Solana Saga phones have further boosted the recent surge in BONK’s value.

Owners of Saga phones receive a 30 million BONK token airdrop upon purchasing the device. At present rates, this airdrop is valued at more than $700, which is higher than the Saga phone’s current price tag of $599.

As a result, demand for the device has skyrocketed in the past few days as crypto traders look to profit from the situation.

Meanwhile, Anatoly Yakovenko, the co-founder of Solana Labs, mentioned a potential need to adjust the price to manage demand.