BONK goes live on Robinhood as meme coins continue to struggle

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

According to the announcement made on December 20, more than 24 million Robinhood users will now be able to access the Solana-based meme coin. BONK becomes the fifth meme coin to be listed on the Menlo Park unicorn, which first began offering crypto trading in February 2018.

Robinhood listings often lead to short-term price increases for newly added tokens, as seen with Dogwifhat (WIF) and Pepe (PEPE). WIF, the second meme coin to list in November, rose 8.2% within an hour of the announcement, mirroring Pepe’s earlier price action.

However, although BONK’s price managed to recoup some of its losses in the last 24 hours due to a broader market downturn, it failed to benefit from the listing. Meme coin exhibited notable volatility, dropping to an intraday low of $0.00002671 before rising to $0.00003094 following the listing announcement. It then settled around $0.00002905, down over 4.5% on the day as of this writing.

As the timing of the listing conflicted with the turbulent market environment, disappointment rippled through the Bonk community and dampened the excitement many had hoped for.

The Meme coin market has decreased by 9.96% in the last 24 hours, bringing its total market capitalization to $94.77 billion at the time of writing. The decline is even more pronounced when compared to the monthly high of $137.06 billion reached on December 9.

While Bitcoin’s drop below $100,000 rattled retail investors and sent shockwaves through the speculative meme coin space, smaller tokens like Peanut the Squirrel and Brett bore the brunt of the selling. At the time of writing, one Bitcoin was selling for $97,856.

BONK has experienced a similar sell-off as data from Nansen shows an increase in net flows over the last 7 days; This means more tokens are deposited than withdrawn, which is often seen as a sign that investors may be positioning for a cash out.

However, this metric has turned negative over the past 24 hours, indicating that the Robinhood listing has revived interest among investors.

BONK token exchange streams | source: Nansen

BONK’s price may gain momentum from the upcoming “BURNmas” event, which initially plans to burn 810.57 billion tokens with the ultimate goal of burning 1 trillion tokens based on ecosystem activities.