Upbit Listing Sends BONK Skyrocketing 74% For A Fresh ATH
BONK, a Solana-based meme coin, has been making headlines with its extraordinary performance since its listing on Upbit, South Korea’s largest cryptocurrency platform.
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After listing, this strong upward trend jumped off Bunker to all-time highs, improve Market value Reaching an impressive $4.2 billion. The coin’s trading volume increased by 77%, indicating strong individual and institutional interest.
This craze ensured that memecoin became the number one meme coin on the Solana network. However, the ensuing positivity (and anxiety) will lead investors to ask whether BONK can keep pace given the market’s historical volatility.
Information about newly added digital asset BONK transaction support
✅ Supported market: Korean won market
📅 Trading support start time: Estimated 2024-11-20 12:30🔗 Go to notifications:https://t.co/r2DhwVlJcO#Upbit #bonker pic.twitter.com/vSTAAG5cLv
— Upbit Korea (@Official_Upbit) November 20, 2024
Whales join the BONK party
Institutional investors saw BONK’s promise. A recent whale transaction shows growing confidence in the meme token: 65.4 billion BONK tokens were purchased for $3.4 million in USDC. Such large sales not only confirm the popularity of BONK, but also demonstrate its impact on Solana’s larger ecosystem.
The coin’s rise is attracting more than just whales. Blockchain data shows interest in BONK futures exceeds $53.5 million, about seven times the monthly low. This means traders are betting on an upward trend in BONK, despite the risks associated with such an asset.
Technological breakthroughs spark optimism
The recent end of BONK’s long-term consolidation period provides traders with a hopeful sign. Experts say the main thing driving memecoin gains is aggressive trading and increasing buying pressure. BONK temporarily surpasses joke currencies such as DogWife The price of fresh ATH surged to $0.00005916.
As of this writing, BONK is trading at $0.00005364, up 67% in the past seven days, according to Bitstamp data.
Nonetheless, analytical tools suggest that buying pressure in the market has reached its limits. However, this may lead to a temporary downward trend, but experts are still bullish on BONK’s return after some time. Although the token price has fallen back to $0.00005684, this has not dampened the enthusiasm of the community.
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A bright future for BONK and Solana
BONK’s explosive expansion isn’t just a viral currency narrative, it’s a win for the Solana ecosystem. The popularity of BONK has brought Solana back into the spotlight, attracting new users and solidifying its reputation as a top blockchain platform.
At the same time, the outlook seems very positive, showing 252% increase Prices are expected to rise a further 185% over the next three months and a further 185% within six months. Despite the excitement around speculation, there are also warnings from experienced traders. With BONK riding this wave, it’s clear that memecoins are no longer just a joke, but a phenomenon that is reshaping the cryptocurrency landscape.
Featured image from South China Morning Post, chart from TradingView
