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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.