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Solana Dog Coin Bonk (BONK) Rocketed 16% in Flash, Here's What Caused It

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Wed, 22/11/2023 - 15:00
Solana Dog Coin Bonk (BONK) Rocketed 16% in Flash, Here's What Caused It
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Solana dog coin Bonk (BONK) surged higher in early Wednesday trading, rising from a low of $0.00000347 to an intraday high of $0.0000051.

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According to TradingView data, BONK is currently demonstrating intraday gains of 31.36%. According to CoinMarketCap data, BONK was 16% higher in the last 24 hours to $0.000004748.

TradingView
BONK/USD Daily Chart, Courtesy: TradingView

This remains significant given that most crypto assets are trading in losses, given the recent happenings in the crypto space regarding Binance and the resignation of its CEO, Changpeng "CZ" Zhao.

The exact reason for BONK's ascent remains unknown, but there are various possibilities. Undeterred by the recent happenings, investors might be reacting to the latest listing of BONK on Binance Futures.

On Nov. 22 at 2:00 p.m. (UTC), Binance Futures will debut BONK-based futures, USD-M 1000 BONK perpetual contracts with up to 50 times leverage, with a tick size of 0.000001.

Wu blockchain calls attention to the development on X, noting a similarity to the Blur Big Time and Tokenfi instances where Binance did not launch spot trading.

BONK: Biggest gainer in Solana ecosystem

According to a report published by CoinGecko, Bonk (BONK) remains the largest gainer among Solana ecosystem coins, increasing by 872.5% from $0.00000029 to $0.00000286.

This period runs from June to November of this year. Bonk, widely regarded as Solana's Dogecoin, recently peaked at $0.0000055 on Nov. 20.

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Solana Dog Coin Bonk (BONK) Surprises With 20% Price Gains: Details

According to CoinGecko, BONK likewise outperformed Solana in monthly gains, soaring 1,514%, or 15x, as it rose from $0.00000018 to 0.00000286 between Oct. 14 and Nov. 19.

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