Solana Tokens Surge Following Bithumb Listing Announcement

Two cryptocurrencies are experiencing a surge following their addition to South Korean exchange Bithumb's spot trading platform.

The exchange recently announced support for PONKE (PONKE), a meme-inspired token, and Raydium (RAY), a decentralized finance protocol.

PONKE, known for its monkey-themed branding, has seen its price climb over 7% in the past 24 hours, reaching $0.77 at the time of writing. Over the past month, the token has soared by more than 90%, bringing its market valuation to $424.4 million. PONKE has been gaining traction, with previous listings on major platforms like Binance, which propelled its value by over 2,000%, as well as support from Bybit, Kraken, KuCoin, Crypto.com, and Revolut.

The project recently expanded its ecosystem with the launch of PonkeSwap, a decentralized exchange (DEX) aimed at enhancing utility for PONKE holders. According to the team, PonkeSwap combines the token’s meme origins with features that allow users to trade, stake, and earn rewards within a community-driven platform.

Raydium has also benefited from the Bithumb listing, seeing a spike to $6.10 earlier this week, marking a 10% increase from its daily low of $5.52. Though it has since pulled back to $5.66, the token remains up over 141% in the last month, pushing its market capitalization to $1.6 billion.

As a decentralized exchange and automated market maker (AMM), Raydium leverages Solana’s blockchain to facilitate rapid transactions at significantly lower costs than Ethereum. The protocol also offers permissionless liquidity pool creation and various yield-earning opportunities, making it a popular choice for traders and DeFi enthusiasts.

These developments reflect the growing interest in Solana’s ecosystem and the impact of exchange support on token performance.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.