A crypto investor realized substantial gains of $784,000 as the meme coin BONK experienced a remarkable surge of 129% upon being listed on Binance.
Key Takeaways
- BONK, a recently popular meme coin, experienced a surge of 129% after being listed on Binance, following its earlier listing on Coinbase.
- A savvy investor made a profit of $784,000 by selling a portion of their 69 billion BONK holdings after the Binance listing.
- BONK’s market cap has propelled it to the 42nd position among crypto assets, surpassing well-known projects like Arbitrum, Algorand, Stacks, and Aave.
- The coin demonstrated significant on-chain swap activity, with over $89 million traded, and a robust trading volume exceeding $1.1 billion in the past 24 hours.
BONK’s Meteoric Rise
The cryptocurrency world is buzzing with excitement as BONK, a meme coin based on Solana, experienced a staggering 129% surge after being listed on Binance. This surge follows the coin’s earlier listing on Coinbase, indicating a growing interest in this particular memecoin.
On December 14, Coinbase introduced BONK to its vast user base of over 100 million. Following this, Binance replicated the move, bringing BONK to an even broader audience. The immediate impact was a remarkable 129% increase in the token’s value on the day, contributing to a month-to-date surge exceeding 1000%.
Investor Profits Soar Amid BONK Frenzy
Amidst this BONK frenzy, one savvy investor stands out for reaping substantial profits. According to on-chain data analytics from Lookonchain, an investor purchased 69 billion BONK at an astonishingly low price of $0.0000021. The investor strategically seized the opportunity presented by Binance’s listing, selling 52.3 billion BONK tokens and realizing a staggering profit of $784,000.
Investor Makes $784,000 on #BONK As #Memecoin Rises 129% on #Binance Listing. $BONK #SolanaNetwork #SOL https://t.co/g1I9UDJXaM
— TheCryptoBasic (@thecryptobasic) December 15, 2023
Despite the sale, the investor retains a significant stake, with over 14.7 billion BONK (approximately $474,000) staked across Solana DeFi protocols.
BONK’s Market Cap
The surge in BONK’s price has not only translated into individual investor gains but has also elevated the coin’s market cap significantly.
Currently standing as the 42nd largest crypto asset, BONK has surpassed the market caps of well-established projects like Arbitrum, Algorand, Stacks, and Aave.
To Conclude
BONK’s remarkable ascent, fueled by listings on major exchanges like Coinbase and Binance, has resulted in substantial gains for investors. The coin’s surge in market cap and trading volume positions it prominently in the crypto space, challenging even well-established projects.
As the BONK phenomenon continues, the market eagerly watches its trajectory and the evolving landscape of meme coins in the broader cryptocurrency ecosystem.
