South Korea’s Upbit Lists Solana Meme Coin Bonk, Leading to 7% Price Surge
Bonk Price Targets 2X Rally Following Upbit Listing
Highlights
– Upbit, South Korea’s largest crypto exchange, announces the listing of Solana meme coin Bonk.
– Trading for BONK in the USDT pair starts today at 06:00 PM KST.
– BONK price rally anticipated after the formation of a “golden cross.”
On October 22, Upbit, South Korea’s top cryptocurrency exchange, revealed that it will be listing Solana-based meme coin Bonk (BONK) for spot trading. The announcement triggered an immediate 7% jump in BONK’s price, extending its rally to over 35% this month.
Upbit Adds Bonk for Spot Trading:
Upbit officially announced on October 22 that it would be listing the highly demanded Solana meme coin, Bonk, for spot trading. Users can start trading BONK with the USDT pair from 06:00 PM KST on the same day. Deposits and withdrawals are supported only through the Solana network.
- For the first 24 hours after the start of deposits and withdrawals, Upbit will waive BONK withdrawal fees, after which standard fees will apply. Trading restrictions include a limit on sell orders, preventing orders from being set below 10% of the previous day’s closing price for the first 5 minutes of trading. The limit price will be determined based on CoinMarketCap’s data.
Bonk has also recently hinted at plans to launch a BONK ETP in the U.S., which has boosted optimism around the token’s future price performance.
Will BONK Price Continue to Rally?
Following Upbit’s listing announcement, BONK’s price jumped by 7% within an hour. Traders are now eyeing a potential new all-time high for the Solana meme coin, which has been consolidating for several months.
- The formation of a “golden cross” on BONK’s chart—a bullish pattern where the 50-day moving average crosses above the 200-day moving average—suggests a further rally could be on the horizon. Key price targets are set at $0.000035 and $0.000045, with the token currently bouncing back from the $0.0000232 mark, aligning with a 0.236 Fibonacci retracement level.
- As of today, BONK is trading at $0.00002425, with a 24-hour low and high of $0.00002304 and $0.00002485, respectively. Trading volume has surged by 30% in the past 24 hours, reflecting increased trader interest.
- In addition, open interest in BONK futures has grown to over $300 million, marking a 20% increase in the last day. This rise in open interest indicates greater market participation and confidence among investors, as more traders open positions, potentially in anticipation of further significant price movements.
