Binance, the world’s largest cryptocurrency exchange by trading volume, has added to the excitement surrounding the Solana-based meme coin BONK by announcing the launch of BONK futures.
This move comes amidst a significant surge in the market for BONK, with the token experiencing a rise of over 50% in the past 7 days alone, according to data from CoinGecko. BONK has been consistently setting new all-time highs on a daily basis, surpassing its previous peak from January earlier in the week.
As of the latest available data, BONK boasts a market capitalization just over $270 million, ranking it as the 158th most valuable cryptocurrency by market cap according to CoinGecko’s ranking. The addition of BONK futures on Binance reflects the growing interest and activity surrounding this particular meme coin within the cryptocurrency market.
The recently listed BONK futures on Binance Futures are specifically for USDⓈ-M 1000BONK, representing a USD-margined and settled contract that allows for leverage up to 50x.
The heightened popularity of BONK is seen by some as riding on the coattails of Solana’s recent success, particularly marked by a substantial surge in the price of the network’s native token SOL. While SOL has demonstrated an impressive 80% gain over the last 30 days, BONK has significantly outperformed its counterpart, boasting a remarkable gain of approximately 1,200% over the same time period. This surge in BONK’s value has likely contributed to the increased interest in the meme coin and the introduction of futures trading for the asset on Binance.
PYTH listing
In addition to BONK, Binance made another announcement on Wednesday regarding the listing of a perpetual futures contract for PYTH, another notable Solana-based token. These new listings are slated to become active on November 22, 2023, with BONK scheduled for 14:00 (UTC) and PYTH at 14:30 (UTC). The introduction of perpetual futures contracts for these tokens further expands the range of offerings on Binance, reflecting the platform’s response to the growing interest in Solana-based assets within the cryptocurrency market.
First listings by new Binance CEO
The inclusion of BONK and PYTH on Binance’s platform holds significance against the backdrop of recent challenges faced by the exchange. These challenges include the departure of high-profile founder and former CEO Changpeng Zhao (CZ), along with substantial outflows that reached $900 million within a 24-hour period on Wednesday.
Many in the industry perceive the new listings as part of a strategic marketing approach orchestrated by the new Binance CEO, Richard Teng. These additions to the platform may be seen as an effort to maintain and attract traders, generate market interest, and address concerns amid recent changes and uncertainties within the exchange.
