Binance CEO steps down while Solana’s memecoin Bonk rises almost 2,000% in a single month

Crypto appears to be taking a short break as Bitcoin trades near its all-time high. Traders are awaiting word from the Federal Reserve to decide whether to go risk-on (good for Bitcoin and tech stocks) or risk-off for the last few weeks of the year. The Binance settlement also had to be priced into the market.

CZ WILL REPORTEDLY STEP DOWN FROM BINANCE

Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, is set to resign and plead guilty to violating U.S. anti-money laundering laws. This development is part of a significant agreement to protect the future of the… pic.twitter.com/VqznFRME8h

— The Wolf Of All Streets (@scottmelker) November 21, 2023

CZ

The Wall Street Journal broke the news last night that crypto platform Binance agreed to pay some $4.3 billion in fines to settle their case with the SEC. Coinbase and Kraken, both also being charged by the SEC, looked on in doubt as to what would happen to them.

It also became known that Changpeng Zhao (also known as CZ), CEO of Binance, was willing to resign from his position in order to allow the platform to continue operating.

CZ stepping down is seriously big news.

However, #Binance and @cz_binance have taken this market towards what it is nowadays.

Big thank you to CZ for his work, it’s a constant battle and we’ve come a long way already.

— Michaël van de Poppe (@CryptoMichNL) November 21, 2023

Meanwhile a small and quite new cryptocurrency has been having a fabulous month of November. Bonk, Solana’s memecoin that aims to compete with Dogecoin and Shiba Inu (the memecoin trading on the Ethereum blockchain) had a fantastic month of November, mainly thanks to the rise of Solana itself.

Among the 8 Solana ecosystem coins, $BONK, $RLB, and $ORCA outperformed $SOL from June 14 to November 19, 2023. $RAY $RNDR $HNT $GMT added their flair, embracing diversity. 💹 #Solana #SolanaCommunity #SolanaEcosystem #CryptoNews #Cryptocurency pic.twitter.com/7Nt4VvOUzt

— Samboi (@Tam259324557) November 21, 2023

Sam Bankman-Fried

Bonk was launched in December 2022 at a time when the Solana ecosystem was in trouble, mainly due to the bankruptcy of the very large crypto exchange FTX, which was closely linked to Solana. However, ever since Sam Bankman-Fried’s conviction in early November of this year, Solana started an incredible rally. The coins that depend on the Solana blockchain progressed much faster of course.

As with most memecoins, the price of Bonk tends to fluctuate quite a bit, but the last month was really phenomenally good, with a gain of about 2,000%. Since its inception, Bonk has already gained more than 3,500% in this way.

I’m happy BONK is doing amazing.

Lets make the coming DeFi token launches hugely successful too.

Soylana manlets winning together.

— R89 (@R89Capital) November 20, 2023

We will not comment on whether it is a smart idea to invest a lot of money in memecoins, but you can be sure that they are extremely volatile. You either lose half your investment, or you aim for the stars in certain cases.

Back in 2021, Dogecoin started the year trading for a few cents, but at its highest point in April it was worth 70 cents. Phenomenal returns if you can time the entry and exit right.

Rumors are circulating on social media about a possible listing for Bonk on crypto exchange Binance. If that happens, this memecoin could well shoot to the moon.