BONK Memecoin Just Had the 12th Most Successful Coinbase Debut

Solana-based memecoin "BONK" had one of the most successful Coinbase debuts in the history of the exchange.

The dog-themed memecoin had trading volume of approximately $238 million in its first 24 hours of trading on Coinbase, said Rishi Prasad, Coinbase product manager.

This made it the 12th most successful token by first-day volume among more than 270 listings hosted by Coinbase since the trading platform launched in 2015.

For comparison, SHIB recorded a first-day volume of $126 million in September 2021, placing it at 20th place. DOGE had an initial volume of $263 million in June 2021, earning it 9th place. XRP had volume of about $161 million when it was re-listed, landing in the 16th spot, Prasad said.

Like DOGE, PEPE and SHIB before it, BONK is a new testament to the power of memes and online communities.

Stunning Rise

BONK's first-day trading volume follows a stunning rise. The token has posted the largest increase over the past week and past month, among all coins with a market cap greater than $10 million. Over the week, BONK rose by 147%, while the monthly increase reached an eye-popping 836%, according to Coingecko,

The rally was in part fueled by announcements from centralized crypto exchanges, including Coinbase and Binance, that they would list BONK for trading.

Solana Phone Sells Out

Due to the rising demand for the memecoin, Solana's phone preorders in the US have completely sold out, Solana Mobile tweeted. Each phone shipment comes packed with a hefty 30 million in BONK tokens.

BONK was launched a year ago in the depths of the FTX exchange collapse. FTX CEO Sam Bankman-Fried was Solana's biggest backer and champion. As a way to cheer up the beleaguered community, the team behind BONK distributed tokens to a group of Solana developers. Each developer was gifted 25 billion BONK, which are now worth over $700,000.

Some whales have started to cash in on the BONK token craze. Investor Adam Cochrane said that one of BONK's developers sold $25 million worth of BONK tokens over-the-counter.