Solana-based Memecoin BONK Posts Massive Rise

Bonk (BONK), a Solana-based meme token, recently posted an impressive rise of over 1000% after being listed on a major cryptocurrency exchange.

The surge in BONK tokens impacted sales of Solana’s Saga phones, which resulted in the airdrop of 30 million BONK tokens.

BONK token has recorded an incredible surge.

The price surge of the BONK token began after the token was listed on major cryptocurrency exchanges. This trend started when Coinbase announced that it was listing the token. However, what really sparked the price was Binance’s surprise announcement, with the listing boosting the price of the token and creating considerable excitement among BONK token holders and the cryptocurrency community. Binance stated the following in its announcement:

“Binance will list Bonk (BONK) and open trading for these spot trading pairs at 2023-12-15 08:00 (UTC). Additionally, Binance will add BONK as a new borrowing asset via a new margin pair for Isolated Margin within 48 hours from 08:00 (UTC) on December 15, 2023.”

After listing on Binance, the token price soared to over $0.00003, an increase of over 1000%. The excitement surrounding meme tokens became even more evident when a trader sold 52.3 billion BONK tokens worth $927,000, making a profit of $784,000. According to data from LookOnChain, the trader in question purchased 69 billion BONK tokens at a price of $0.0000021. Traders then staked the tokens from October 30 to November 29, making huge profits from the recent price increase of the BONK token.

Solana’s Saga phone sales soar

One development resulting from the massive surge witnessed by the BONK token is its impact on Solana’s Saga phones. The recent BONK price increase has resulted in a significant increase in mobile phone sales. Solana co-founder Raj Gokal posted on X that sales of Solana Saga phones have increased tenfold in the last 48 hours. He added that the phone is expected to sell out before the New Year.

“As everyone knows, @solanamobile saga sales have increased more than 10x in the last 48 hours and are now set to sell out before the new year.”

The Saga phone was launched in May 2023 and has been rated as a Google and Apple Killer. The phone runs on the Android operating system and comes with 512GB of memory, dual rear cameras, a 6.67-inch OLED display, and a fingerprint scanner. Meanwhile, Tensor co-founder Richard Wu posted on X expressing his surprise at the development. He added that unlike other dogs and meme coins, Bonk became Solana’s savior.

“This is crazy. BONK saved Solana for Christmas 2022. BONK got the Solana Saga Phone for Christmas 2023. It’s no longer just a meme. “This is religion.”

BONK token is growing due to Solana interest.

The BONK token has seen significant growth despite being advertised as a parody token. This is due to growing interest in the Solana ecosystem. There are currently approximately 61 trillion BONK tokens in circulation, with a market capitalization of approximately $1.4 billion at the time of this writing. As interest in Solana grows and a bull market is expected in 2024, the token price may rise further. However, there is always a chance that meme tokens will decline as interest in them cools or the market as a whole sells off.

Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Source: https://cryptodaily.co.uk/2023/12/solana-based-memecoin-bonk-posts-staggering-rise