Cryptocurrency exchange Coinbase has announced support for meme coin bonk (BONK), increasing its price by 40% in 24 hours.

Bonk's legitimacy and market performance has been boosted due to its listing on Coinbase and its connection to the Solana network.

Bonk is gaining adoption in the Solana ecosystem and is used for payments in NFT transactions and other decentralized applications.

With a market cap of over $930 million and a bullish trend, bonk is a strong contender in the meme coin market.

Coinbase's involvement in retail and institutional activities, including their role as a custodian for BlackRock's proposed Bitcoin ETF, builds anticipation for the integration of cryptocurrencies in the traditional financial system.