Binance, the world’s largest crypto exchange, has made a significant move by introducing a futures offering for the Solana-based meme coin BONK. This announcement has fueled the already frenzied interest surrounding BONK, which has witnessed a remarkable surge in the market, soaring over 50% in the past 7 days alone, according to CoinGecko’s data.
As of press time, BONK holds a market capitalization of just over $270 million, positioning it as the 158th most valuable cryptoasset by market cap, as per CoinGecko’s ranking. This surge in popularity and value has brought BONK to new all-time highs on a daily basis, breaking through its previous record from January this year. The enthusiasm for BONK can be perceived as riding on the coattails of the recent success of Solana’s native token SOL.
While SOL has experienced an impressive 80% gain in the last 30 days, BONK has outshone its counterpart with an astounding gain of approximately 1,200% over the same period. The surge in BONK’s popularity is seen as a result of Solana’s remarkable performance in the cryptocurrency market.
The Excitement of BONK Futures and PYTH Listings
Not only has Binance introduced BONK futures, but the exchange has also announced the listing of a perpetual futures contract for PYTH, another prominent Solana-based token. These new listings are scheduled to go live on November 22, 2023, at 14:00 (UTC) and 14:30 (UTC), respectively. This expansion of Binance’s platform is worth noting, especially considering the recent challenges faced by the exchange.
Most notably, Binance has experienced the departure of its high-profile founder and former CEO, Changpeng Zhao (CZ). In addition to this significant change in leadership, the exchange has also faced substantial outflows, with $900 million leaving the platform within 24 hours on Wednesday.
Despite these challenges, the addition of BONK and PYTH to Binance’s offering reflects a well-thought-out marketing strategy devised by the exchange’s new CEO, Richard Teng. It demonstrates the exchange’s commitment to providing diversified investment opportunities and keeping up with the latest trends in the cryptocurrency market.
“The new listings on Binance Futures open up new possibilities for traders, allowing them to explore the potential of BONK and PYTH in a futures trading environment. We believe that these additions will contribute to the overall growth and success of Binance as a leading crypto exchange.” – Richard Teng, CEO of Binance
