BONK Gains New Position, Rising 121% On Binance Listing

Following the announcement of its listing on Binance, Solana’s BONK token has seen an incredible surge in trading activity, rising 121% in value in a matter of minutes. The cryptocurrency community has taken notice of the remarkable rally, and traders and enthusiasts are keeping a close eye on the developments surrounding this memecoin.

 The new rave about the BONK token intensified after a trader sold  52.3 billion units of the BONK token, representing $927,000, making a profit of about  $784,000. The gain of about $784,000 from this transaction has kept the cryptocurrency community in a long debate about the new BONK position. 

The announcement of BONK’s listing on Binance triggered the value to soar, causing it to rise to $0.00003, a 1000% increase in one month. The announcement sparked, causing investors to rush into trading to take advantage of the possibility of large profits. With Binance’s endorsement, BONK has gained credibility and attracted the interest of a broader range of traders and investors.

Solana Co-founder Speaks, Says Phones Sells Increased Ten Times

In a post on December 15, Solana co-founder Raj Gokal offered fascinating insights into the BONK frenzy. Gokal reports that in the last 48 hours, Solana phone sales have increased by over ten times, exhibiting an extraordinary surge.

He added that the explosive rise in interest and excitement in the Solana ecosystem, driven by the BONK token, is responsible for the spike in phone sales. Gokal also disclosed that it is now anticipated that the phones will be sold out before the start of the new year, highlighting the broader influence of the memecoin frenzy on associated projects within the Solana network.

The increase in BONK’s value begs how long these rallies can last, highlighting the speculative nature of memecoins and the power of exchange listings. Memecoins are prone to sudden and abrupt fluctuations in value, and these corrections can be equally severe. Investors and traders are urged to approach these assets cautiously and to be aware of the risks involved in speculative trading.

BONK Surpasses Major Moving Averages, Increased 121% In 24 hours

BONK has surpassed major moving averages involving the 200-day and 50-day Moving Average (MA). This development is seen as a positive prospect for the token’s future. As it stands, there are only perceived resistance levels if there’s a correction in the future. Records from News BTC show that SOL had a significant year-to-date upward movement of 443%, alongside the general growth in the cryptocurrency industry in the last three months. This event has suggested that there may be endless possibilities for the BONK token to continue an upward movement. 

The report states that BONK had increased its price by 121% 24 hours after Binance announced its listing. As of press time, BONK is trading at $0.00002888, a 30% shortfall from its initial highs. Tensor co-founder Richard Wu, in a statement, expressed his surprise that Solana’s Non-fungible Tokens (NFT) marketplace,

Historical analysis from Ronaldo Marquez for News BTC says that BONK saved SOL on Christmas of 2022. The study also noted that BONK may save Solana Saga Phone this Christmas too. Wu stated that BONK has presented itself as SOL’s savior, unlike the Dogecoin. He added that BONK isn’t a memecoin anymore. In his words, “It has turned into a religion.”