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The recent surge of Bonk Inu (BONK) in the cryptocurrency market continues to make headlines as its price reaches new peaks almost every day over the past few weeks. The popular meme token has increased by another 100% in the last 24 hours and its rise has exceeded 1,000% on a 30-day scale. It is also inching closer to an astonishing market value of 2 billion dollars.
The Reasons Behind BONK’s Rise
One of the factors behind the latest rally in the altcoin could be the interaction from Binance. The world’s leading cryptocurrency exchange by trading volume announced that it will list the token on its platform on December 15th and will open the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY. Withdrawal services will be possible from December 16th onwards, and the BONK listing fee will be set at 0 BNB. In addition, Binance plans to add the meme token as a borrowable token in its Isolated Margin program on December 17th.
Despite listing BONK on its platform, the exchange warned users about the token being “of higher risk than usual and thus likely to be subject to high price volatility.” The following points were emphasized in the statements regarding the issue:
Please make sure you apply adequate risk management, conduct your own research regarding the fundamentals of BONK, and fully understand the project before you opt to trade the token.
Good News from Binance
Binance is not the first crypto exchange to announce support for Bonk Inu. Previously, Coinbase included the token in its “roadmap” program and then listed it on its platform. Another factor that may have played a role in the token’s impressive price performance could be the ongoing meme token frenzy. Leading cryptocurrencies of this genre, including Dogecoin (DOGE) and Shiba Inu (SHIB), have seen significant gains, though not as substantial as BONK, on a monthly basis.
If we’re to mention the impact of FOMO (fear of missing out), it’s been suggested that many investors may join the BONK ecosystem not by making a proper assessment of its position but simply observing the price increase. Ultimately, the success of the meme token can be linked to its connection with Solana. The latter has experienced a price increase of 650% since January 1st, placing it among the top performers in the market this year.
