SHIB Rival on Solana, BONK, Added to Coinbase Roadmap, Price Reacts Inadequately

In a surprising move, Coinbase, one of the leading crypto exchanges in the United States, has unveiled plans to include the popular meme token BONK in its roadmap. 

This announcement, detailed in the blog section of the exchange, emphasizes Coinbase's adherence to stringent standards when integrating new assets.

The inclusion of BONK, the first dog-themed coin on Solana, marks a significant development for this popular meme coin.

BONK, which follows the ethos of "for the people, by the people," distributed a remarkable half of its total supply via an airdrop to the Solana community. Launched in December 2022, BONK quickly gained attention and even contributed to a surge in the price of the SOL token when trading commenced at the end of 2022.

BONK price reaction

The market response to Coinbase's decision has been nothing short of a roller coaster ride for BONK's price. Since the beginning of November, the token has already witnessed impressive growth of 2,969%, maintaining its upward trajectory until the first 10 days of December. 

However, a sudden shift in the trend led to a descent in BONK's price.

Coinbase's announcement triggered a surge in BONK quotes, with the meme coin's value skyrocketing by over 17%. Yet, this momentum proved short-lived as a swift sell-off followed, resulting in a staggering 26.69% drop. 

The resulting price volatility has turned BONK into a veritable roller coaster, providing both bears and bulls with a thrilling, but unpredictable, ride.