Solana-based memecoin BONK adds $1B to market cap following exchange listings Solana-based memecoin BONK adds $1B to market cap following exchange listings
The memecoin's positive price performance has significantly improved the sales of Solana Saga phones.
2 min read
Updated: Dec. 15, 2023 at 10:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Solana-based memecoin BONK surged by over 100%, reaching a new all-time high in the past 24 hours. This remarkable ascent contributed more than $1 billion to its market capitalization, per CryptoSlate data.
With this surge, BONK now ranks as the third-largest memecoin by market capitalization, trailing only Dogecoin and Shiba Inu. BONK’s market cap is at $1.8 billion as of press time.
Moreover, BONK’s trading volume has reached unprecedented levels, with a staggering 331% surge to $1.16 billion recorded in the past day. This trading volume surpasses the combined trading volumes of other top memecoins like DOGE and SHIB during the same period.
Meanwhile, the recent surge in value has resulted in substantial profits for early BONK investors. Crypto analyst Lookonchain reported that a trader that acquired 69 billion BONK at an average price of $0.0000021 sold 52.3 billion units today for $927,000, securing profits totaling $784,000.
Why BONK rallied
The recent surge in BONK’s value can be attributed to multiple key factors. Notably, its recent listing on major cryptocurrency exchanges such as Coinbase, Binance, and KuCoin has significantly fueled its upward trajectory.
Traditionally, when a digital asset gets listed on exchanges, it tends to spark price increases by making it accessible to a broader audience within the crypto community.
Moreover, the positive sentiment surrounding the Solana ecosystem has played a role in boosting BONK’s momentum.
SOL itself has emerged as a strong performer among alternative cryptocurrencies this year. The substantial growth observed in Solana’s DeFi sector has propelled tokens based on the blockchain to rally to new highs, as seen in cryptocurrencies like Helium’s HNT.
BONK aids Solana Saga phone sales
Increased sales of Solana Saga phones have further boosted the recent surge in BONK’s value.
Owners of Saga phones receive a 30 million BONK token airdrop upon purchasing the device. At present rates, this airdrop is valued at more than $700, which is higher than the Saga phone’s current price tag of $599.
As a result, demand for the device has skyrocketed in the past few days as crypto traders look to profit from the situation.
Meanwhile, Anatoly Yakovenko, the co-founder of Solana Labs, mentioned a potential need to adjust the price to manage demand.
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bonk is the first Solana dog coin for the people, by the people with 50% of the total supply airdropped to the Solana community.
Helium
$6.86383
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Solana
$186.080
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Anatoly Yakovenko is the innovative mind behind Solana, a high-performance layer-1 blockchain.
