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Solana's very own meme coin, $BONK, has muscled its way past veteran players Dogecoin ($DOGE) and Shiba Inu ($SHIB) on Coinbase's trading volume charts.
The numbers speak volumes, quite literally, with $BONK/USD's trading volume hitting $33 million, comfortably surpassing $DOGE/USD at $20.5 million and $SHIB/USD at $11.3 million, according to CoinGecko data.
$BONK's Coinbase-driven price surge
Earlier this month, $BONK's price saw a dramatic increase, surging by more than 40% upon its listing on Coinbase.
Coinbase listings often result in a temporary boost in token prices, as the exchange is known for its selective token offerings, which can add a sense of legitimacy to listed projects.
Despite its origins as a meme coin, $BONK has found rapid adoption within the Solana ecosystem. It has been integrated into various projects and used for transactions involving non-fungible tokens (NFTs).
$BONK's position in the market
$BONK currently stands in 79th place by total trading volume, according to recent market data. This places it ahead of well-known tokens like $SHIB, which has less trading volume than Ethereum Classic, and just below others like GALA and The Sandbox (SAND).
$BONK's market capitalization has reached $937 million. It is currently trading at $0.00001549.
The token's performance is part of the reason why Solana (SOL) has staged a big rally and recovered from the challenges following Sam Bankman-Fried’s downfall, which had initially dampened market sentiment.