BICO Jumps More Than 90% in 24 Hours as Biconomy Listing News Spurs Buying

BICO jumped more than 90% over the past 24 hours as buying accelerated on news surrounding a new listing at Biconomy exchange.

Data from global cryptocurrency exchange Binance on June 21 showed BICO had risen more than 90% in the previous 24 hours. The token was trading at $0.0632, with a market capitalization of about $64 million.

Market participants pointed to Biconomy exchange's planned listing of Dream Bowl I Meme Coin Tokens as a key driver of the rally.

Nasdaq-listed Scilex Holding Co. said on June 16 that the Dream Bowl token could be listed on Biconomy exchange as early as June 23.

Scilex previously said the listing could provide liquidity for Dream Bowl token holders and enable broader circulation of the token.

The Dream Bowl token is being distributed to Scilex common shareholders and certain eligible equity holders. Holders of record as of April 30 are entitled to receive five Dream Bowl tokens for each share of Scilex common stock, and distribution began on May 26.

The market has treated the Biconomy-related listing news as a short-term catalyst for BICO. Still, the token slated for listing is Dream Bowl, not BICO itself, underscoring the potential for price volatility.