As an analyst with a decade of experience in the cryptocurrency market, I’ve witnessed the rise and fall of countless digital assets. The latest entrant that has caught my attention is Bonk (BONK), a meme coin that seems to have taken the Solana ecosystem by storm.
The well-known cryptocurrency platform Kraken has declared that the meme token Bonk (BONK), built on the Solana network, can now be traded by users residing in the United States and Canada.
The red-hot meme cryptocurrency initially appeared on the meme coin scene in late 2022.
The token managed to attain significant popularity right from the get-go because of its airdrop. It was pitched as the “meme coin for the people,” with half of its supply being distributed to various members of the Solana community.
In spite of being known as a meme coin and lacking seriousness, Bonk has still found a way to become useful by getting incorporated into numerous DeFi platforms, video games, and NFT trading platforms.
The token features a self-operated trading bot on Telegram, known as “BONKbot”, along with the “BonkSwap” decentralized marketplace for exchanges.
Kraken initially added support for BONK back in December 2023 to much fanfare.
At present, you can find the meme coin listed across all prominent trading platforms. Notably, the Binance exchange’s BONK/USDT pair has garnered significant attention, boasting a daily trading volume of approximately $31.5 million, making it the most actively traded pair for this coin.
As per information from CoinGecko, BONK ranks fifth among meme cryptocurrencies in terms of market capitalization. Its current value stands at approximately $1.4 billion, making it the second-largest Solana-based meme coin following dogwifhat (WIF), which boasts a value of around $2.3 billion.
BONK is down 3.4% over the past 24 hours, but it has surged by nearly 7% over the past week.
In early March, the well-known meme cryptocurrency hit a record peak, but since then, it has dropped over 55%.
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2024-10-09 21:52