BONK (BONK) Skyrockets Following Coinbase Listing, Surpassing XRP in Market Buzz

  • Coinbase announces the listing of Bonk (BONK) for New York residents.
  • The move comes a day after the crypto exchange listed XRP.
  • BONK price jumped 10% on the announcement.

Coinbase expands its offerings for New York residents by listing Solana-based meme coin Bonk, causing a 10% price surge.

Coinbase Lists Bonk for New York Customers

In an X post on May 24, Coinbase announced the listing of Bonk (BONK), saying it’s big news for the New York users. The crypto exchange shows support for the XRP and Solana meme coin Bonk with an image depicting “NY Loves XRP and BONK.”

Immediate Market Reaction

Coinbase customers in New York can start trading BONK on the Coinbase website, as well as in the Coinbase iOS & Android apps. It further added that Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

The move comes a day after the crypto exchange listed XRP, expanding support for the much-discussed coins as the SEC continues to argue that XRP is a security and may challenge Judge Torres’ summary judgment that XRP in itself is not a security.

Meanwhile, Coinbase has also expanded support for meme coins Shiba Inu (SHIB), FLOKI, and BONK by listing 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP perpetual futures contracts tradable from May 30.

BONK Market Performance

Bonk jumped immediately after the announcement by Coinbase, rising more than 10% in a few hours. This indicates a massive demand for meme coins. Santiment revealed recently that the hype surrounding spot Ethereum ETF has been a catalyst for price rallies in cryptos such as ETH, UNI, PEPE, BONK, and LDO, which saw over 20% gains.

BONK price

BONK price jumped after the announcement, but still trading 3% down in the last 24 hours. The price is currently trading at $0.00003293. Bonk has rallied over 46% in a week and 55% in a month.

Derivatives Market Activity

On the derivatives front, Bonk futures trading has remained volatile in the last few hours as traders sold 1000BONK futures on top exchanges such as Binance and Bybit, as per data by Coinglass.

Bonk

Conclusion

The listing of Bonk on Coinbase for New York residents marks another significant step in the expansion of meme coins in the crypto market. With immediate price jumps and increased trading activity, the future looks promising for BONK and other similar assets. Investors should keep an eye on further developments and market reactions.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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