As a researcher with extensive experience in the crypto market, I’m thrilled to see Coinbase expanding its support for new assets, particularly meme coins like Bonk. The community’s response to this news has been immediate and positive, with BONK price experiencing significant upside momentum.
As a researcher studying the dynamic world of cryptocurrency exchanges, I’m thrilled to share that on Friday, Coinbase made another exhilarating announcement: they will be listing Solana-based meme coin Bonk for trading in New York. This news came on the heels of their decision to list Ripple (XRP) for New York residents the previous day. The response from traders was swift and positive, with BONK‘s price experiencing a significant surge, increasing by over 10% within just a few hours.
Coinbase Lists Bonk for New York Customers
As a researcher, I came across an exciting announcement made by Coinbase on May 24th. In this post, they revealed their intention to list the meme coin Bonk (BONK). This development holds significant significance for New York users of the exchange, as indicated by the accompanying image which reads “NY Loves XRP and BONK,” expressing Coinbase’s endorsement of both XRP and Bonk.
Beginning today, New York-based Coinbase users can trade BONK on the Coinbase website and mobile applications (iOS and Android). They have the freedom to buy, sell, swap, send, receive, or keep these assets within their accounts.
Yesterday’s announcement marks the next step for the crypto exchange, following its decision to add XRP to its platform. Amidst ongoing debates and the SEC’s stance that XRP qualifies as a security, there are indications of potential legal challenges against Judge Torres’ summary judgment that XRP as a token is not classified as a security.
Simultaneously, Coinbase has broadened its offerings to include Shiba Inu (SHIB), FLOKI, and BONK meme coins by introducing the perpetual futures contracts 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These contracts became available for trading starting May 30.
BONK Market Performance
After Coinbase’s announcement, Bonk experienced a significant surge, increasing by over 10% within hours. This surge suggests a strong interest in meme coins. According to Santiment, the excitement surrounding the Ethereum ETF has fueled price increases for cryptocurrencies like Ethereum, Uniswap, Pepe the Frog Token, Bonk, and Loopring, which have all seen gains exceeding 20%.
The price of Bonk surged following the recent announcement, yet it’s currently 3% lower than the past 24-hour mark, now trading at $0.00003293. Over the last week, Bonk has experienced a significant gain of over 46%, and an impressive increase of around 55% within the last month.
In recent hours, there has been significant fluctuation in the derivatives market for Bonk futures. A large number of traders have sold 1000 units of Bonk futures contracts on major exchanges like Binance and Bybit, according to Coinglass data.
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2024-05-24 19:57