Two Solana-based altcoins are surging in value following a sudden surge of support from the popular South Korean crypto exchange, Bithumb.
Bithumb announced spot trading support starting on Tuesday for memecoin PONKE (PONKE) and automated market maker (AMM) protocol Raydium (RAY).
Amid the news, monkey-themed PONKE has shot up more than 7% in the last 24 hours, trading for $0.77 at time of writing. The memecoin is up more than 90% in the last 30 days.
With a market cap of $424.4 million, PONKE is the 198th largest crypto project.
PONKE also recently gained spot trading support on Binance, which triggered more than a 2,000% rally. It also has support from Bybit, Kraken, KuCoin, Crypto.com and Revolut.
Last month, the project announced the launch of a decentralized exchange (DEX) called PonkeSwap.
“PONKE started as a meme but evolved into a strong community on Solana. PonkeSwap extends that spirit into decentralized finance (DeFi), making it easier and more rewarding for PONKE holders to trade, stake, and engage with each other. PonkeSwap isn’t just a DEX; it’s where our memecoin roots meet real utility and community-driven rewards.”
Meanwhile, Raydium shot up to $6.10 on Monday, a gain of more than 10% from its daily low of $5.52. RAY retraced and is trading for $5.66 at time of writing, up more than 141% in the last 30 days.
With a market cap of $1.6 billion, RAY is the 72nd largest crypto project.
According to the project, Raydium “enables lightning-fast trades, permissionless pool creation and new features for earning yield.”
“Raydium leverages the efficiency of the Solana blockchain to achieve transactions magnitudes faster than Ethereum and gas fees which are a fraction of the cost.”
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Generated Image: Midjourney