decrypt.co
It appears every dog shall have its moon, as well as its day, as BONK—a meme coin on the Solana network that saw a huge jump in value earlier this week—rose even higher today, logging a more than 25% spike, according to CoinGecko.
The pump comes as Binance, the world's largest cryptocurrency exchange, announced that it will be launching a BONK futures offering—1000BONK—along with one for PYTH, a decentralized finance (DeFI) network of oracles that made waves with a 255 million PYTH token air drop.
For the two buzziest coins on Solana to land Binance listings is notable, given that the exchange recently lost its high-profile CEO, and has seen over $1 billion in outflows since. Industry watchers are calling the BONK and PYTH moves an early market-making play by new Binance CEO Richard Teng.
"Binance Futures will launch the USDⓈ-M 1000BONK and PYTH Perpetual Contracts at 2023-11-22 14:00 (UTC) and 2023-11-22 14:30 (UTC) respectively, with up to 50x leverage," the company said, sharing details on both.
BONK is barely within the top 250 cryptocurrencies by market cap, which stands at $197 million as of this writing, trading at $0.00000459. But it set an all-time high on Monday with a 1,700% boom.
Its popularity would appear to be riding the coat-tails of which has seen a surge in the price of SOL as developers redeiscover the blockchain's strengths. But while SOL was up by 90% over the last 30 days, the network’s top meme coin, BONK, saw even bigger gains.