On Friday, Coinbase announced the addition of the Solana-based meme coin, Bonk (BONK), to its trading platform for users in New York, causing excitement in the crypto community. This news followed closely on the heels of the previous day's listing of XRP for New York residents, and traders quickly drove up BONK's price by over 10% within a few hours.

Coinbase Expands Offerings in New York

In a post on X dated May 24, Coinbase revealed the listing of Bonk, highlighting it as significant news for New York users. The exchange expressed its support for both XRP and Bonk with an image declaring "NY Loves XRP and BONK." Users in New York can now trade BONK on the Coinbase website and through its iOS and Android apps. Coinbase users can buy, sell, convert, send, receive, or store these assets.

This move came shortly after the crypto exchange listed XRP, broadening its support for popular cryptocurrencies despite ongoing legal debates. The SEC continues to assert that XRP is a security and might contest Judge Torres' ruling that XRP itself is not a security.

Additionally, Coinbase has extended its support for meme coins such as Shiba Inu (SHIB), FLOKI, and BONK by listing perpetual futures contracts 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP, set to be available for trading from May 30.

Market Reaction to BONK Listing

Following the announcement by Coinbase, BONK's price surged by more than 10%, reflecting strong demand for meme coins. Recently, Santiment reported that the hype around a spot Ethereum ETF has fueled price increases for cryptocurrencies like ETH, UNI, PEPE, BONK, and LDO, all of which have seen gains exceeding 20%.

Currently, BONK is trading at $0.00003293, despite a 3% drop in the past 24 hours. However, the coin has experienced a significant rally, increasing by over 46% in the past week and 55% in the past month. On the derivatives market, BONK futures trading has been volatile, with traders selling 1000BONK futures on major exchanges like Binance and Bybit, according to Coinglass data.

Conclusion

Coinbase's recent listings of BONK and XRP for New York users have stirred the crypto market, leading to notable price movements. The growing interest in meme coins and the broader cryptocurrency market highlights the dynamic nature of this space. As Coinbase continues to expand its offerings, it will be interesting to observe how these developments influence the market and trader behavior.