Binance Lists BONK Token, Solana-Based Memecoin that Gained 1,000% in 30 Days

Binance Lists BONK Token, Solana-Based Memecoin that Gained 1,000% in 30 Days

UTC by Tolu Ajiboye · 3 min read
Binance Lists BONK Token, Solana-Based Memecoin that Gained 1,000% in 30 Days
Photo: Depositphotos

Binance has officially listed the BONK token with limited trading pairs, and will allow users to withdraw the tokens from tomorrow.

Major cryptocurrency exchange Binance has announced its decision to officially list Bonk (BONK), the dog-themed meme coin on the Solana (SOL) blockchain. According to an official announcement, the listing went live today at 8:00 (UTC).

Bonk to Begin Trading on Binance

Binance said Bonk will initially begin trading with three new pairs, including BONK/USDT, BONK/TRY, and BONK/FDUSD. TRY represents the Turkish Lira, a fiat currency that does not represent any cryptocurrency. Users are allowed to start depositing BONK and trading it, but will only have access to withdrawals from 8:00 (UTC) on Saturday.

Interested traders should note that Binance will apply the Seed Tag to BONK. Introduced in July, the Seed Tag is Binance’s solution to users’ confusion with differentiating tokens listed in the Main Trading Zone and the Innovation Zone. Binance uses the Seed Tag to note tokens listed in the Innovation Zone, as well as any future listings for innovative projects. Users should note that projects with the Seed Tag have higher volatility and risks that may not be present with other listed tokens.

Binance enforces a quiz for users looking to trade any tokens with Seed Tag. Traders must pass quizzes every 90 days on the exchange’s Spot or Margin platforms and also accept the firm’s Terms of Use. The purpose of the quiz is to ensure that users understand the risks applicable to trading Seed Tag tokens.

The Bonk Token

First issued in December 2022. BONK is a Shiba Inu-themed token launched on Solana as a meme token. Although it was initially introduced as a meme coin, it is enjoying some adoption on the Solana blockchain. Several developers on the network have already started using Bonk as payment for non-fungible tokens (NFTs).

According to a report, Bonk began with a team of 22 people without a leader. All team members have a history of building NFTs, decentralized applications (dApps), and related products on the Solana blockchain. As of last week, BONK’s trading volume had hit $80 million, rising 900% from the daily average recorded at the beginning of November. In addition, open interest (unsettled futures positions) in BONK also spiked 900% from $10 million to $100 million. Also, according to current CoinGecko data, BONK has jumped nearly 1,000% in the last 30 days.

On Wednesday, major American crypto exchange Coinbase announced its decision to list BONK. Shortly after the announcement, BONK gained 8%, climbing to $0.00001132. As of Wednesday, BONK had risen by more than 400% in 30 days. By Thursday, the day after Coinbase’s announcement, BONK climbed another 40%. Coinbase however said its approach to listing the token would be cautious. According to a statement, the exchange said it would first establish sufficient supply. After that, the token “will launch in phases”.

Earlier this week, BONK displaced Pepe to become the third-largest meme coin in the crypto market by market capitalization. A large part of BONK’s recent jump could be tied to the general explosion in the Solana ecosystem. According to MarketWatch data, Solana’s native SOL token has returned more than 491% this year.

Altcoin News, Binance News, Blockchain News, Cryptocurrency News, News
Related Articles