BONK goes live on Robinhood as meme coins continue to struggle
Release: 2024/12/20 18:04 Reading: 677
Robinhood Lists BONK, Adding to Its Meme Coin Offerings
Robinhood, the popular cryptocurrency and stock trading platform, has expanded its meme coin offerings by listing BONK.
Listing Details
As announced on December 20th, the Solana-based meme coin is now accessible to Robinhood's 24 million-plus users. BONK becomes the fifth meme coin to join Robinhood's platform, which first introduced crypto trading in 2018.
Market Impact
Robinhood listings have often triggered short-term price increases for newly added tokens, as observed with Dogwifhat (WIF) and Pepe (PEPE). However, BONK's price did not experience a significant surge upon listing.
Despite a broader market downturn, BONK recovered some losses after initially dropping to an intraday low of $0.00002671. It later stabilized around $0.00002905, down over 4.5% from its listing price.
Community Reaction
The listing came amidst a challenging market environment, which some members of the Bonk community attributed to the timing.
Market Trends
The meme coin market declined 9.96% in the past 24 hours, with a total market cap of $94.77 billion. Smaller tokens like Peanut the Squirrel and Brett have been heavily impacted by the sell-off, reflecting Bitcoin's drop below $100,000.
BONK Analysis
Nansen data indicates that BONK experienced increased net flows over the past 7 days, suggesting that traders may have been positioning to sell. However, this metric turned negative in the last 24 hours, indicating renewed interest following Robinhood's listing.
Future Outlook
BONK may gain momentum from its upcoming "BURNmas" event, which aims to burn a significant number of tokens. This could potentially drive price appreciation if it fosters ecosystem activity and token scarcity.
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