Why Is Solana's Meme Coin BONK Up 42% Today?

Solana’s SOL/USD native meme token, BONK BONK/USD, has witnessed a surge of 42% in the last 24 hours, approaching its all-time high price point of $0.000014, amidst a market buoyed by recent developments.

Coinbase, the cryptocurrency exchange, has been a catalyst for this surge. In their latest statement, the exchange announced the inclusion of BONK in their “listing roadmap,” a forward-looking index that signals potential asset support. 

Pseudonymous cryptocurrency analyst Altcoin Sherpa said that Bonk may be poised for its next upward trajectory. In a tweet, Altcoin Sherpa said, "$BONK: Next leg coming? Probably good to have some exposure to this meme-wise. I’m already all out of my position but thinking about re-entering."

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Why It Matters: Adding to the momentum, the market’s reaction to the Federal Reserve’s decision — maintaining the key interest rate for the third consecutive meeting with the suggestion of forthcoming cuts as early as 2024 — has seen broader market confidence reflected in the crypto sphere. Bitcoin BTC/USD, the largest cryptocurrency, experienced a substantial leap, gaining over 5% in value. This widespread market recovery has set a positive backdrop for various cryptocurrencies, including meme-based tokens.

BONK has outperformed other top meme cryptocurrencies such as Dogecoin DOGE/USD  and Shiba Inu SHIB/USD, which have seen more modest gains of 5-6% within the same 24-hour time frame. 

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