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Solana-Based Memecoin BONK Posts Staggering Rise

Solana-Based Memecoin BONK Posts Staggering Rise

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Solana-based meme token Bonk (BONK) has registered an extraordinary surge, rising over 1000% following recent listings on major cryptocurrency exchanges. 

The BONK token surge impacted Solana’s Saga phone sales, which comes with an airdrop of 30 million BONK tokens. 

BONK Token Registers Astonishing Surge 

The surge in the price of the BONK token began after the token was listed on major cryptocurrency exchanges. The momentum started with Coinbase announcing that it was listing the token. However, what really set the price off was the surprise announcement by Binance, with the listing propelling the price of the token and generating considerable excitement among BONK token holders and the crypto community. Binance stated in its announcement, 

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

Following the Binance listing, the token’s price surged above $0.00003, an increase of over 1000%. The excitement surrounding the meme token became apparent when a trader sold 52.3 billion BONK tokens, valued at $927,000, making a profit of $784,000. According to data from LookOnChain, the trader in question had purchased 69 billion BONK tokens, priced at $0.0000021. The trader then staked the token from the 30th of October to the 29th of November, making staggering gains from the recent price increase of the BONK token. 

Solana’s Saga Phone Sales Surge 

One development resulting from the meteoric surge witnessed by the BONK token is its impact on Solana’s Saga phone. The phone has witnessed a considerable increase in sales, connected to the recent price increase of BONK. Co-founder of Solana, Raj Gokal, stated in a post on X that Solana Saga phone sales have registered a 10X increase over the past 48 hours. He added that the phones are projected to sell out before the new year. 

“Just so everyone is aware, @solanamobile saga sales have > 10x’d in the past 48 hours and are now on track to sell out before the new year.”

The Saga phone was released in May 2023 and was billed as the Google and Apple Killer. The phone uses the Android operating system and comes with 512 GB memory, a dual rear camera, a 6.67-inch OLED display, and a fingerprint scanner. Meanwhile, co-founder of Tensor, Richard Wu, expressed his astonishment at the developments, posting on X. He stated that, unlike other dog and meme coins, Bonk had become a savior for Solana, adding, 

“This is crazy. BONK saved Solana on Christmas 2022. BONK is saving the Solana Saga Phone on Christmas 2023. It’s not just a meme anymore. This is religion.”

BONK Token Growing Due To Solana Interest 

The BONK token has seen considerable growth despite its billing as a parody token. This is due to the growing interest in the Solana ecosystem. There are around 61 trillion BONK tokens in circulation, with a market capitalization of about $1.4 billion at the time of writing. As interest in Solana grows, and with a predicted bull run in 2024, the token’s price could increase further. However, there is always the chance that the meme token could see a decline should interest in it cool or during a market-wide selloff. 

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

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