Shiba-Inu Killer BONK Rallies After Surprise KuCoin Listing

BONK and KuCoin – What’s the Latest?

The meme coin Bonk (BONK), has experienced a surge following its listing on KuCoin, the sixth largest crypto exchange by trading volume. KuCoin, recognised for its support of “altcoin gems,” added BONK to its platform yesterday, with trading starting today and withdrawals opening as early as tomorrow. BONK is not currently listed at major exchanges like Kraken, Binance and Coinbase but is available for traders on Bybit, Gate.io and HTX.

What is BONK?

BONK is a meme coin on the Solana (SOL) blockchain, positioned as a community-centric, dog-themed coin similar to Dogecoin (DOGE) and Shiba Inu (SHIB). Launched during a bear market, it aims to be a fun and fair option, partly responding to the FTX and Alameda Research collapse. BONK’s distribution includes an airdrop, targeting NFT enthusiasts and DeFi traders in the Solana ecosystem.

The BONK team remains anonymous, raising concerns about potential risks, but it’s committed to avoiding venture capitalist control. Tokenomics include distributing tokens to Solana NFT projects, traders, artists, and developers, along with allocations for development, a DAO, liquidity, and marketing. 

Why BONK Price Went Bonkers?

The price of BONK has shot up by 686% in the past month, reaching its all-time high on November 22.

Head of strategy and communications at Solana Foundation, Austin Federa stated that BONK is reintroducing a sense of fun and engagement in the blockchain community. Which he finds particularly significant in the context of recent challenges faced by the Solana ecosystem, suggesting that BONK, while being a meme with no specific functionality, serves as a symbol of unity and communal strength in the cryptocurrency space.

I think when you’re looking at BONK you’re looking at people having fun with blockchain again. It’s a meme coin that got airdropped to people, to thousands and thousands of wallets on the ecosystem, and it’s something that the community has galvanised behind and been able to dig into and really find a lot of fun in it. Memes are fun. But memes are also a proxy for community. And one of the utilities of crypto that’s often overlooked is that it is a system for galvanising community. And so the excitement around BONK is on one level, yes, it’s a meme, yes, it doesn’t actually specifically do something, but it is a token of community and especially after an ecosystem that’s been through a rough few months.

Austin Federa