BONK, a meme coin on the Solana blockchain, logged a 25% price spike after receiving a listing from leading crypto exchange Binance. Binance announced it will be launching BONK futures contracts as the meme coin continues riding a wave of momentum.
Earlier this week, BONK already notched meteoric gains exceeding 1,700% as the previously obscure token rapidly climbed the market cap charts. The meme coin mania comes against the backdrop of a thriving Solana ecosystem and renewed developer interest.
Industry sources cited Binance’s vote of confidence in BONK so soon after the company faced an executive shakeup and billion-dollar outflows as a savvy early move by freshly appointed CEO Richard Teng.
Launching BONK futures allows the exchange to capitalize on the meme coin craze and spread its offerings across trending Solana tokens. Binance also announced futures for PYTH, another buzzworthy Solana-based coin amidst the network’s resurgence.
BONK’s parabolic rise may remind speculators of Dogecoin’s infamous early price action. But with Binance now backing BONK, the meme token could have more runway to capitalize on its newfound virality. Its market cap currently sits around $200 million as momentum continues building.
