Revolut Considers Bonk Listing: Memecoin Value Spikes as User Expansion Planned
Summary:
There has been a 7% surge in the value of Solana-based memecoin Bonk (BONK) following news of its potential listing on Revolut's trading platform. The fintech giant is planning a "Learn and Earn Campaign" to boost Bonk's user base by 500,000. Awaiting final approval, the campaign intends to use $1.2 million in rewards to incentivize participation. With seven out of twelve BonkDAO voting members already endorsing the initiative, only one more vote is needed for approval.
Immediately following the news that the Solana-based memecoin Bonk (BONK) could be listed on the Revolut trading platform, there was a 7% surge in its value. Revolut, a European fintech company, is planning an initiative called the "Learn and Earn Campaign" for Bonk, aimed at growing the user base of the memecoin by half a million, according to a statement released by BonkDAO, the decentralized autonomous body that manages Bonk, on February 14.
Boasting a customer base of 38 million and banking licenses extending to more than 50 countries, Revolut would only need 1.3% of its clientele to adopt Bonk in order to reach this target, BonkDAO stated. A $1.2 million pool of rewards is planned to incentivize Revolut users to participate in the "Learn and Earn" initiative.
Since the news broke, Bonk's value has increased by 7.2% in just five hours, showing a 13.1% growth over a full day as calculated by digital currency platform CoinGecko. Making headlines in late 2023 when its value skyrocketed by 14,000% to $0.000025, Bonk became one of the most discussed tokens. Even though it's now down 60% from its highest value, it remains a favourite memecoin in terms of trading volume.
The campaign is still subject to final approval by BonkDAO. Of the twelve voting members, seven have approved the campaign, while five will have to nominate within the next four days. No one voted against the initiative. Just one more affirmative vote is needed for it to be approved.
The campaign will commence with two phases if approved. With the aim of "organic growth," the first phase will see Bonk's launch on Revolut for one to two months. This will be followed by the implementation of the "Learn and Earn" campaign.
While members of the Bonk community did not immediately respond to requests for a comment, there is speculation that Bonk will soon make an appearance on the Robinhood platform as well, although this has not been corroborated by either party.
Supplemental Reading: Navigating investment in low-grade memecoins: A three-step success guide for the tactful investor.
Published At
2/15/2024 3:37:35 AM
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