Aaryamann Shrivastava
FXStreet
- Coinbase stated that it would be adding support for Bonk, a Solana-based meme coin, this week.
- Trading will begin on December 14, and upon meeting liquidity conditions and establishing enough supply, the coin will be listed.
- BONK price has seen a surge in response to the announcement, rising by nearly 30% in a day.
BONK price, in an interesting turn of events, had a bullish day as the Solana-based meme coin found support from the world’s second-largest cryptocurrency exchange, Coinbase. The meme coin is now set to gain support from the platform and could potentially be listed if it reaches a significant number of traders.
Bonk finds support from Coinbase
Bonk, the meme coin based on Solana, joined the ranks of crypto assets that are on Coinbase. The crypto exchange took to X, formerly Twitter, to announce that it would be adding support for BONK on the Solana network (SPL token).
This will done in different stages as first trading will begin from BONK on the exchange on December 14, provided the liquidity conditions are met by the token. This will be followed by BONK-USD trading pairs being launched in different phases only under the condition that a sufficient supply of the meme coin is established. If that fails to happen, Bonk may not see a listing on the exchange, even if jurisdiction is not a barrier.
This development is expected to be a highly bullish event for BONK price, and for the most part, it has been delivering over the past day.
BONK price sees new highs
BONK price rallied by nearly 30% in the span of 24 hours, reaching a high of $0.00001496 during the intra-day trading hours. The daily trading session, however, closed with the meme coin witnessing a slight correction in the rally, falling back down under $0.00001306.
At the time of writing, the meme coin is not only marking fresh year-to-date highs but is also breaching the resistance level marked at $0.00001306. Flipping it into a support line might, though, provide BONK price and the necessary bullishness needed to sustain the growth noted in the past 24 hours.
Since the market is still reeling from the bearish impact it witnessed over the past three days, there is a chance that BONK holders might attempt to book profits by selling their holdings. But if they refrain from doing so, the meme coin could see a rise beyond its current highs.
In such an event, a drawdown to $0.00001137 is not very likely, and bouncing off $0.00001306 would push the Solana-based meme coin upwards.
BONK/USD 1-day chart
However, on the off chance that BONK price fails to rally during the introductory period on Coinbase, the meme coin might not generate as much profit as its investors are anticipating, which could result in the bullish momentum dissipating and BONK price declining to $0.00001137 and lower.
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