Robinhood, a leading cryptocurrency and stock trading platform, has expanded its meme coin offerings by listing Bonk (BONK), a Solana-based meme token. According to a Dec. 20 announcement, BONK is now available to over 24 million Robinhood users. This marks the fifth meme coin added to the platform, which began offering cryptocurrency trading in February 2018.
Historically, Robinhood listings often spark short-term price surges for newly added tokens. For example, Dogwifhat and Peep WIF saw significant price jumps upon their respective listings, with Pepe WIF spiking 8.2% within an hour. However, BONK struggled to capitalize on its listing, though it managed to recoup some of its losses amid a broader market downturn.
Following the announcement, BONK’s price exhibited sharp volatility, dropping to an intra-day low of $0.00002671 before rallying to $0.00003094. At the time of writing, the token had settled at $0.00002905, reflecting a 4.5% decline on the day. The timing of the listing, coinciding with a turbulent market, dampened enthusiasm among the Bonk community.
The meme coin market has been under significant pressure, tumbling 9.96% over the past 24 hours and reducing its total market cap to $94.77 billion—a sharp drop from the monthly high of $137.06 billion on Dec. 9. Smaller tokens, including Peanut the Squirrel and Brett, have been particularly affected, with Bitcoin’s drop below $100,000 exacerbating the sell-off. As of now, Bitcoin is trading at $97,856.
BONK has faced similar challenges, as data from Nansen indicates increased net token flows over the past week—typically a sign of traders positioning to cash out. However, in the last 24 hours, this metric flipped negative, suggesting renewed investor interest following the Robinhood listing.
Looking ahead, BONK’s price momentum could benefit from its upcoming “BURNmas” event. This initiative plans to burn 810.57 billion tokens initially, with the ultimate goal of burning 1 trillion tokens based on ecosystem activity. If successful, the event could provide the price boost that the Bonk community has been anticipating.
