Robinhood Lists Solana-Based Meme Coin Bonk (BONK) Despite Broader Market Downturn

Prominent cryptocurrency and stock trading platform Robinhood continued to expand its meme coin offering with the listing of Bonk.

Prominent stock and cryptocurrency trading platform Robinhood has continued expanding its meme coin offerings with the listing of Bonk.

According to a Dec. 20 announcement, Solana-based meme coin BONK will now be available to over 24 million Robinhood users. The listing marks the fifth meme coin to be listed on the Menlo Park unicorn, which first began offering crypto trading in February 2018.

Past Robinhood listings have seen newly added tokens experience short-term price rallies, as observed with Dogwifhat (WIF) and Pepe (PEPE). WIF, the second meme coin listed in November, saw an 8.2% surge within the hour following the announcement, echoing Pepe's earlier price movements.

However, BONK’s price failed to capitalize on the listing announcement despite recovering from losses incurred over the last 24 hours amidst a broader market downturn. The meme coin saw significant volatility, dropping to an intra-day low of $0.00002671 before rallying to $0.00003094 following the listing announcement, later trading at around $0.00002905 at the time of writing, down over 4.5% on the day.

The timing of the listing has drawn flak from the Bonk community as it coincides with a downturn in the broader market, dulling the fanfare that many had hoped for.

The meme coin market has seen a 9.96% decrease over the past 24 hours, bringing its total market capitalization to $94.77 billion at press time. The decline becomes even more stark when compared to the monthly high of $137.06 billion observed on Dec. 9.

Smaller tokens like Peanut the Squirrel and Brett have faced the brunt of the sell-off as Bitcoin's dip below $100,000 has led to sell-offs in the retail-heavy meme coin space, with one BTC trading at $97,856 at the time of writing.

BONK has also seen a sell-off, with Nansen data showing an uptick in net flows over the past 7 days, indicating more tokens being deposited than withdrawn, which is usually seen as an indication of traders positioning to cash out.

This metric, however, has flipped negative over the past 24 hours, suggesting that the Robinhood listing has garnered renewed interest from investors.

Upcoming “BURNmas” initiatives aim to burn 810.57 billion tokens initially, working towards an ultimate goal to burn 1 trillion tokens based on ecosystem activity.