• Coinbase stated that it would be adding support for Bonk, a Solana-based meme coin, this week.
  • Trading will begin on December 14, and upon meeting liquidity conditions and establishing enough supply, the coin will be listed.
  • BONK price has seen a surge in response to the announcement, rising by nearly 30% in a day.

BONK price, in an interesting turn of events, had a bullish day as the Solana-based meme coin found support from the world’s second-largest cryptocurrency exchange, Coinbase. The meme coin is now set to gain support from the platform and could potentially be listed if it reaches a significant number of traders.

Bonk finds support from Coinbase

Bonk, the meme coin based on Solana, joined the ranks of crypto assets that are on Coinbase. The crypto exchange took to X, formerly Twitter, to announce that it would be adding support for BONK on the Solana network (SPL token).

This will done in different stages as first trading will begin from BONK on the exchange on December 14, provided the liquidity conditions are met by the token. This will be followed by BONK-USD trading pairs being launched in different phases only under the condition that a sufficient supply of the meme coin is established. If that fails to happen, Bonk may not see a listing on the exchange, even if jurisdiction is not a barrier.

This development is expected to be a highly bullish event for BONK price, and for the most part, it has been delivering over the past day.

BONK price sees new highs

BONK price rallied by nearly 30% in the span of 24 hours, reaching a high of $0.00001496 during the intra-day trading hours. The daily trading session, however, closed with the meme coin witnessing a slight correction in the rally, falling back down under $0.00001306.

At the time of writing, the meme coin is not only marking fresh year-to-date highs but is also breaching the resistance level marked at $0.00001306. Flipping it into a support line might, though, provide BONK price and the necessary bullishness needed to sustain the growth noted in the past 24 hours.

Since the market is still reeling from the bearish impact it witnessed over the past three days, there is a chance that BONK holders might attempt to book profits by selling their holdings. But if they refrain from doing so, the meme coin could see a rise beyond its current highs.

In such an event, a drawdown to $0.00001137 is not very likely, and bouncing off $0.00001306 would push the Solana-based meme coin upwards.

BONK/USD 1-day chart

BONK/USD 1-day chart

However, on the off chance that BONK price fails to rally during the introductory period on Coinbase, the meme coin might not generate as much profit as its investors are anticipating, which could result in the bullish momentum dissipating and BONK price declining to $0.00001137 and lower.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP