In recent cryptocurrency news, BONK, the meme coin of the Solana network, has witnessed a 25% increase following its new listing on Binance, the world’s largest cryptocurrency exchange.
On Tuesday, Decrypt reported that BONK experienced a sharp increase in its value, with a spike of over 25%, as per CoinGecko data. This sudden surge is attributed to Binance‘s recent announcement to launch a BONK futures offering—1000BONK—alongside another for PYTH, a decentralized finance network.
Amid the recent departure of its CEO and over $1 billion in outflows, Binance’s move to add BONK and PYTH, two of Solana network’s most talked-about coins, is considered a strategic decision by Binance’s new CEO, Richard Teng.
Binance revealed details about the new offerings, stating, “Binance Futures will launch the USDⓈ-M 1000BONK and PYTH Perpetual Contracts at 2023-11-22 14:00 (UTC) and 2023-11-22 14:30 (UTC) respectively, with up to 50x leverage.”
Despite BONK’s ranking just within the top 250 cryptocurrencies by market cap (with $197 million at the time of reporting), it hit a record high on Monday with a 1,700% surge. The coin’s popularity appears to be linked to the recent price rise of SOL, Solana’s native token, as developers are re-acknowledging the blockchain’s potential.