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OKX, a leading cryptocurrency exchange, has officially listed two prominent tokens from the Solana blockchain — Jito (JTO) and Bonk (BONK). This move is expected to bring new opportunities to traders and investors, but the big question on everyone's mind is whether the listing will lead to a much-needed price rebound for these tokens.
According to the official announcement from OKX, the deposit feature for JTO and BONK will be accessible starting at 2:00 a.m. UTC on Jan. 8, 2024. Subsequently, the spot trading pairs of JTO/USDT and BONK/USDT are set to open at 6:00 a.m. UTC on the same day. Finally, withdrawal functionality for both JTO and BONK will become available at 10:00 a.m. UTC on Jan. 9, 2024.
Jito Network, the platform behind JTO, is a liquid staking protocol operating on the Solana blockchain. JTO serves as the governance token for the Jito Network, with a total supply of 1,000,000,000. On the other hand, BONK is a meme coin on the Solana blockchain, known for its unique approach to humor and social commentary through cryptocurrency. With a total supply of 100,000,000,000,000, BONK has gained attention for its unconventional use case.
Eyes on price rebound
While the OKX listing is a major development, the recent market performance of these tokens has been less than stellar. At the time of writing, BONK is priced at $0.00001014, reflecting a 5.09% decrease in the last 24 hours. The dog-faced meme coin has experienced significant declines, with a 6.91% drop to $0.00001016. Its market cap stands at $641.77 million, down by 4.82%.
Over the past week, BONK has lost over 24.49% in value, and its one-month loss is 15.45%, influenced by the initial spikes recorded last month. BONK reached an all-time high of $0.00003419 on Dec. 15, 2023, but is currently trading 70% lower. The current trend is notably bearish, but the OKX listing announcement has sparked hopes for a potential price rebound.
As for JTO, its current price is $1.60, down 5.90% on Monday. The market cap has also dipped by 5.98% to $184.01 million. Despite initial gains in the last seven days, JTO has faced significant losses, with a one-week decline of over 13% and a 30-day loss of nearly 44.78%. The OKX listing news could potentially contribute to a price rebound, yet uncertainties persist given the prevailing market turbulence.
While uncertainties loom as the broader market experiences increased volatility, traders and investors are closely monitoring these tokens' performance in the coming days. As listing on OKX could introduce new dynamics to their market behavior, it may impact their overall trajectory on the cryptocurrency landscape.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
