Binance is set to list Bonk (BONK) with the implementation of the Seed Tag. Trading for the newly listed token will commence on December 15, 2023, at 08:00 (UTC), featuring pairs such as BONK/USDT, BONK/FDUSD, and BONK/TRY.
Users can now initiate deposits of BONK to prepare for trading activities. The withdrawal option will become available on December 16, 2023, at 08:00 (UTC).
Additionally, Binance will introduce BONK as a new borrowable asset with a new collateral pair on the isolated margin, starting 48 hours from December 15, 2023, at 08:00 (UTC). The new collateral pair is BONK/USDT.
But what exactly is BONK?
BONK is the first meme token based on the Shiba Inu theme on the Solana blockchain, released in late December 2022. Its introduction coincided with a challenging period for the Solana network, following the downfall of the FTX-Alameda Research duo, causing a loss of investor confidence.
The BONK project conducted an airdrop, distributing tokens to users who met simple conditions, such as early trading and ownership of specified NFTs on the Solana network, accounting for over 50% of the total supply. This strategic move led to a surge in the Solana network’s popularity in 2023.
Related: Solana’s BONK Hits Record High Ahead of Coinbase Listing
DEX liquidity on the Solana network attracted over $20 million in trading volume for BONK-related pairs, along with transaction fees totaling thousands of USD. This marks a strong recovery for the Solana ecosystem in 2023.
