Prominent Cryptocurrency Exchange Robinhood Lists Meme Coin Bonk
Robinhood, a well-known cryptocurrency and stock trading platform, has expanded its meme coin offerings by listing Bonk, a Solana-based meme coin.
The announcement on Dec. 20 stated that Bonk is now available to over 24 million Robinhood users, making it the fifth meme coin to be listed on the platform. Robinhood initially started offering crypto trading in February 2018.
Typically, when Robinhood lists a new token, it leads to short-term price surges. Previous meme coins like Dogwifhat (WIF) and Pepe (PEPE) experienced price increases shortly after being listed. However, Bonk’s price did not see a significant surge following the listing, despite recovering some losses from the previous 24 hours amidst a broader market downturn.
After dropping to an intra-day low of $0.00002671, Bonk rallied to $0.00003094 following the listing announcement. It later settled around $0.00002905, showing a decrease of over 4.5% on the day.
Despite the listing, frustration was evident in the Bonk community as the timing coincided with a turbulent market backdrop, dampening the anticipated excitement.
The meme coin market as a whole experienced a 9.96% decline in the past 24 hours, bringing the total market cap to $94.77 billion. This decrease is particularly significant when compared to the monthly high of $137.06 billion reached on Dec. 9.
Smaller tokens like Peanut the Squirrel and Brett were heavily affected by the sell-off, as Bitcoin’s drop below $100,000 caused concern among retail investors and impacted the speculative meme coin space. At the time of writing, Bitcoin was priced at $97,856.
Bonk also saw a sell-off, with data from Nansen indicating an increase in net flows over the past 7 days, suggesting traders may be preparing to cash out. However, this metric reversed over the past 24 hours, indicating renewed interest among investors due to the Robinhood listing.
Looking ahead, Bonk’s price could see momentum from its upcoming “BURNmas” event, where the plan is to burn 810.57 billion tokens initially, with the ultimate goal of burning 1 trillion tokens based on ecosystem activity.