BONK surges 100% after Binance listing: Will it replace the Shiba Inu?

Binance, the world’s largest cryptocurrency exchange, has announced that it will list Bonk Inu on its platform after “the largest meme token on Solana” surged more than 100% in the past 24 hours.

After the listing announcement, BONK soared from US$0.000014 to over US$0.00003033, a single-day increase of 101.9%. Meme coins have seen even greater gains in recent weeks, rising 629% in the past 14 days.

In its official announcement, Binance said it will open spot trading of BONK against Tether (USDT), Binance USD (BUSD), and Turkish Lira (TRY) on December 15, 2023 at 08:00 UTC. Withdrawals will be available one day later, on December 16th.

Binance also revealed that it will add BONK as a loanable asset to its isolated margin trading platform within 48 hours of listing. This will introduce the new BONK/USDT margin pair.

The exchange reminds users that as a relatively new coin, BONK may exhibit higher volatility and risk compared to more established cryptocurrencies. It uses a “seed tag” to designate BONK as an innovative but speculative project.

Will BONK overthrow the Shiba Inu?

The recent price surge comes after BONK launched one-sided staking on December 1. The meme token was also listed on Coinbase and sparked a 50% one-day gain on December 14.

Despite their recent meteoric rise, memecoins still face stiff competition from top memecoins like Dogecoin and Shiba Inu, the latter of which have a much larger market cap. At press time, BONK had a market capitalization of $1.7 billion, while SHIB had a market capitalization of $5.8 billion.

The token is now listed on two of the largest cryptocurrency exchanges, Coinbase and Binance, and appears poised to increase awareness and liquidity inflows. However, it seems that the goal of overthrowing the Shiba Inu is still far away.