BONK Price Soars 12% Post-Major Listing

vor 5 Tagen

The Solana-based meme coin BBONK is making waves in the cryptocurrency market. After its listing on South Korea’s largest crypto exchange, Upbit, the coin has surged by 12% in a single day, reaching a new all-time high. This recent rally has extended BONK’s weekly gains to over 75%, sparking optimism for its potential to challenge the giants of the meme coin market like PEPE and SHIB.

The Catalyst Behind BONK’s Rally
The Upbit listing has proven to be a game-changer for BBONK, as the Korean exchange announced the addition of a BONK-Korean Won trading pair. With Korean investors’ affinity for meme coins, this move has significantly boosted trading activity and investor confidence.

- Massive Volume Surge: BONK’s daily trading volume has soared by 77%, crossing the $2.7 billion mark.

- Whale Activity: Blockchain analytics platform Lookonchain reported notable whale interest. A well-known investor, famous for $4.84 million profits from POPCAT, recently acquired 65.4 billion BONK tokens worth 3.4 million USDC, signaling strong confidence in BONK’s potential.

- Market Cap Milestone: BONK’s market cap now exceeds $4.2 billion, ranking it as the fourth-largest meme coin. Analysts predict it could climb to $10 billion, positioning it among the top three meme coins.

Technical Analysis
BONK has consistently followed a cycle of falling wedges followed by rising wedges. This pattern has occurred three times, each signaling a breakout to new highs.

BBONK is currently positioned for a healthy retracement to the $0.000051 support level before potentially climbing further. The Relative Strength Index suggests room for retracement or a continuation of the bullish trend. Furthermore, BONK’s 24-hour trading volume surged by 117.24%, reflecting strong investor interest and liquidity.

With BONK currently trading at $0.0000559, analysts see potential for the price to move towards $0.005 in the long term, fueled by its increasing adoption, whale interest, and strong technical foundation.

Upbit Listing Amid Regulatory Scrutiny
Interestingly, this development comes as Upbit faces regulatory challenges. South Korea’s Financial Intelligence Unit has flagged over 500,000 KYC violations by the exchange. Despite this, the BBONK listing has ignited investor enthusiasm and strengthened the coin’s community.

Conclusion
BONK has displayed a rare mix of healthy technical patterns, growing fundamentals, and increasing adoption. The combination of whale activity, a major exchange listing, and sustained volume growth suggests BONK is well-positioned to capitalize on the meme coin trend. With a market cap of $4.2 billion and growing, the $10 billion milestone could soon be within reach.

Investors are keeping a close watch on BONK’s next moves, as it continues to solidify its position in the meme coin hierarchy. Will BONK challenge PEPE and SHIB? Only time will tell, but the momentum is undeniably strong.