Solana's (CRYPTO: SOL) native meme token, BONK (CRYPTO: BONK), has witnessed a surge of 42% in the last 24 hours, approaching its all-time high price point of $0.000014, amidst a market buoyed by recent developments.
Coinbase, the cryptocurrency exchange, has been a catalyst for this surge. In their latest statement, the exchange announced the inclusion of BONK in their "listing roadmap," a forward-looking index that signals potential asset support.
Coinbase will add support for Bonk (BONK) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) December 13, 2023
Pseudonymous cryptocurrency analyst Altcoin Sherpa said that Bonk may be poised for its next upward trajectory. In a tweet, Altcoin Sherpa said, "$BONK: Next leg coming? Probably good to have some exposure to this meme-wise. I'm already all out of my position but thinking about re-entering."
$BONK: Next leg coming?
— Altcoin Sherpa (@AltcoinSherpa) December 12, 2023
Probably good to have some exposure to this meme wise. I'm already all out of my position but thinking about re-entering. #BONK pic.twitter.com/ahbjuDorR1
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Why It Matters: Adding to the momentum, the market's reaction to the Federal Reserve's decision — maintaining the key interest rate for the third consecutive meeting with the suggestion of forthcoming cuts as early as 2024 — has seen broader market confidence reflected in the crypto sphere. Bitcoin (CRYPTO: BTC), the largest cryptocurrency, experienced a substantial leap, gaining over 5% in value. This widespread market recovery has set a positive backdrop for various cryptocurrencies, including meme-based tokens.
BONK has outperformed other top meme cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which have seen more modest gains of 5-6% within the same 24-hour time frame.
Photo by rafapress on Shutterstock
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