Kraken, one of the leading cryptocurrency exchanges, has announced that the Solana-based Bonk (BONK) meme coin is now available for trading in the US 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.
Despite its meme coin status and frivolous nature, Bonk has managed to gain some utility by being integrated into various decentralized finance protocols, games, and non-fungible token marketplaces.
The token has its own Telegram-based trading bot called "BONKbot" as well as the "BonkSwap" decentralized exchange.
Kraken initially added support for BONK back in December 2023 to much fanfare. However, the token was subjected to geographical restrictions.
The meme coin is currently available on all major exchanges. Binance's BONK/USDT pair is the most popular pair with the meme coin with $31.5 million in daily trading volume.
According to data provided by CoinGecko, BONK is the fifth-biggest meme cryptocurrency by market capitalization. It is currently valued at $1.4 billion. This makes it the second-largest Solana-based meme coin after rival dogwifhat (WIF). The latter is as much as $2.3 billion.
BONK is down 3.4% over the past 24 hours, but it has surged by nearly 7% over the past week.
The prominent meme coin reached its current all-time high in early March, and it is currently down by more than 55%.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team