Two altcoins based on Solana (SOL) are rallying amid sudden support from domestic cryptocurrency exchange Bithumb.
Bithumb announced that spot trading support for meme coin PONKE (PONKE) and automated market maker (AMM) protocol Radium (RAY) will begin on Tuesday.
Amid this news, monkey-themed PONKE has surged more than 7% in the last 24 hours, trading at $0.77 at the time of writing. Memecoin is up over 90% in the last 30 days.
With a market capitalization of $424.4 million, PONKE is the 198th largest cryptocurrency project.
PONKE recently received spot trading support from Binance, sparking a rally of over 2,000%. There is also 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 has grown into a strong community on Solana. PonkeSwap extends this ethos to decentralized finance (DeFi), making it easier and more rewarding for PONKE holders to trade, stake, and participate with each other. PonkeSwap is not just a DEX. This is where our memecoin roots meet real-world utility and community-driven rewards.”
Meanwhile, radium surged to $6.10 on Monday, more than 10% above its daily low of $5.52. RAY is trading at $5.66 at the time of this writing, up more than 141% in the last 30 days.
With a market capitalization of $1.6 billion, RAY is the 72nd largest cryptocurrency project.
According to the project, Raydium “enables ultra-fast transactions, permissionless pool creation, and new capabilities for monetization.”
“Raydium leverages the efficiencies of the Solana blockchain to achieve faster transaction sizes and gas fees that are a fraction of the costs of Ethereum.”
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