Will It Dethrone Shiba Inu?

In its official announcement, Binance stated it will open BONK spot trading against Tether (USDT), Binance USD (BUSD), and Turkish Lira (TRY) on December 15, 2023, at 08:00 UTC. Withdrawals will become available one day later, on December 16.

Binance also revealed it will add BONK as a borrowable asset on its Isolated Margin trading platform within 48 hours of the listing. This will introduce a new BONK/USDT margin pair.

Also read: Shiba Inu Sheds a Zero: Can SHIB Reach $0.0001 by December’s End?

The exchange cautioned users that, as a relatively new token, BONK may exhibit higher volatility and risks compared to more established cryptocurrencies. It applied a “seed tag” to designate BONK as an innovative but speculative project.

Will BONK dethrone Shiba Inu?

The recent price surge comes on the heels of BONK introducing single-sided staking on December 1. The meme coin was also listed on Coinbase, sparking a 50% single-day rally on December 14.

Also read: Bonk Coin Surges 52% in Price, Next Big Crypto Coming?

Despite its recent meteoric rise, the meme coin still faces stiff competition from the top meme coins like Dogecoin and Shiba Inu, which sport much larger market capitalizations. At press time, BONK’s market cap stands at $1.7 billion, compared to $5.8 billion for SHIB.

Now listed on both Coinbase and Binance, the two largest crypto trading platforms, the coin appears positioned for heightened visibility and liquidity influx. However, dethroning Shiba Inu seems to be a distant goal at the moment.