BONK Swings for the Fences

Memecoin season returns. Solana's ecosystem “culturecoin,” BONK, surged on its Coinbase debut, setting new all-time highs and pushing towards a $1.2 billion market cap. The doggy coin du jour is up 92% week-over-week, and its parent network's native token is also up over 9%, while ETH and BTC are still in the 7-day red after this weekend's slump.

After Solana broke into mainstream crypto’s consciousness in October, BONK went on an epic run, ripping 7770% in just two short months! Today’s Coinbase listing, which follows up on last month’s Binance listing, makes it easier for retail to purchase BONK, circumventing crypto savviness needed to acquire the token on a Solana DEX.

Crypto fund Asymmetric’s December market update categorizes BONK as “a levered bet on the growth of the Solana ecosystem” and shares that while they are the first crypto fund to ape to the memecoin, they are not alone: other fund managers have tapped the firm in recent weeks looking to allocate!

When the next bull market returns, BONK may be one of the only consensus memecoin bets on a low fee, high throughput, mainstream L1 platform with existing integrations across top-tier DeFi protocols, from DEXs to money markets to perpetuals platforms. BONK’s product offerings extend well beyond mere speculative upside and could prove enticing for the next wave of retail.

Memecoins have historically been shining beacons of return and outperformance in previous cycles, positioning BONK as a smart bet on Solana’s resurgence.