The price of the Solana-based meme-inspired cryptocurrency Bonk Inu ($BONK) has surged more than 30% this week after it was listed on leading cryptocurrency exchange Binance, topping off a surge of over 1,200% in the past 30 days.
According to available market data the cryptocurrency’s price surged after Binance announced it was listing BONK futures contracts, along with futures contracts for decentralized finance (DeFi) network PYTH.
The listing came shortly after Binance agreed to pay one of the largest corporate penalties in U.S. history after a coalition of federal regulators accused the exchange of breaking sanctions and money-transmitting laws.
The exchange is settling with U.S. regulators for $4.3 billion and its founder Changpeng Zhao, also known as CZ, will resign from his role and admit to felony criminal charges of money laundering brought by the U.S. Department of Justice.
BONK currently ranks just within the top 250 cryptocurrencies in terms of market capitalization with a $230 million market capitalization after surging more than 1,000% over the last 30 days in a surge that comes at a time in which institutional investors are increasing their bets on Solana, the layer-1 cryptocurrency on which BONK was launched, with over $13 million going into cryptocurrency investment products offering exposure to Solana over the past week.
The rising popularity of BONK seems to be influenced by the recent surge in the price of SOL, as developers are beginning to recognize the strengths of the blockchain once again. However, while SOL has seen a 90% increase over the past 30 days, BONK, the leading meme coin on the network, has witnessed even more substantial gains.
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Featured image via Unsplash.