Prominent cryptocurrency and stock trading platform Robinhood continued to expand its meme coin offering with the listing of Bonk.
According to a Dec. 20 announcement, the Solana-based meme coin will now be accessible to over 24 million Robinhood users. BONK became the fifth meme coin to be listed on the Menlo Park unicorn, which initially started offering crypto trading in February 2018.
Robinhood listings typically lead to short-term price surges for newly added tokens, as seen with Dogwifhat (WIF) and Pepe (PEPE). WIF, the second meme coin listed in November, jumped 8.2% within an hour of the announcement, mirroring Pepe’s earlier price action.
However, BONK‘s price failed to capitalize on the listing, though it managed to recover some losses from the past 24 hours amid a broader market downturn. The meme coin exhibited notable volatility, dropping to an intra-day low of $0.00002671 before rallying to $0.00003094 following the listing announcement. It later settled around $0.00002905 at the time of writing, down over 4.5% on the day.
Frustration rippled through the Bonk community as the timing of the listing clashed with the broader market’s turbulent backdrop, dampening the excitement many had hoped for.
The meme coin market tumbled 9.96% in the past 24 hours, bringing its total market cap to $94.77 billion at press time. The decline is even more pronounced when compared to the monthly high of $137.06 billion reached on Dec. 9.
Smaller tokens like Peanut the Squirrel and Brett have borne the brunt of the sell-off, as Bitcoin’s dip below $100,000 rattled retail investors and sent shockwaves through the speculative meme coin space. Upon writing, one Bitcoin was selling for $97,856.
BONK experienced a similar sell-off, as data from Nansen showed an uptick in net flows over the past 7 days, which means more tokens were being deposited than withdrawn, typically seen as a sign that traders might be positioning to cash out.
However, that metric has flipped negative over the past 24 hours, suggesting the Robinhood listing has reignited interest among investors.
BONK’s price could gain momentum from its upcoming “BURNmas” event, which plans to burn 810.57 billion tokens initially, with the ultimate goal of burning 1 trillion tokens based on ecosystem activity.
Read the full article here