Binance Lists New Solana-Based Meme Coin Amidst 2,500% Price Surge – Bull Market Officially Here?
Binance, the world’s largest crypto exchange by trading volume, has added fuel to the frenzy surrounding the Solana-based meme coin BONK by announcing the launch of a BONK futures offering.
The listing comes as BONK has seen a dramatic surge in the market, rising more than 50% in the past 7 days alone, per data from CoinGecko.
The token has been making new all-time highs on a daily basis as of late, after breaking through its previous all-time high from January this year earlier this week.
As of press time on Thursday, BONK had a market capitalization of just over $270 million, ranking it as 158th most valuable cryptoasset by market cap, per CoinGecko’s ranking.
Source: CoinGecko
The new listing on Binance Futures is for USDⓈ-M 1000BONK, a USD-margined and settled contract with leverage up to 50x.
The surge in BONK’s popularity is seen by some as riding the coattails of Solana’s recent success, marked by a surge in the price of the network’s native token SOL.
While SOL has experienced an impressive 80% gain over the last 30 days, BONK easily outshone its counterpart with a huge gain of roughly 1,200% over the same time period.
Besides BONK, Binance on Wednesday also announced the listing of a perpetual futures contract for PYTH, another hot Solana-based token.
The new listings are scheduled to go live on November 22, 2023, at 14:00 (UTC) and 14:30 (UTC), respectively.
The addition of BONK and PYTH to Binance’s platform is particularly noteworthy in light of recent challenges faced by the exchange, including the departure of high-profile founder and former CEO Changpeng Zhao (CZ), as well as significant outflows that on Wednesday reached $900 million in 24 hours.
It is widely believed that the new listings are part of a marketing
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