Upbit Listing Sends BONK Skyrocketing 67% For A Fresh ATH In Memecoin Mania

Christian Encila

Last Updated: November 21, 2024 1:30 am

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

BONK, the Solana-based meme coin, has been making headlines with its extraordinary performance since listing on the largest South Korean cryptocurrency platform, Upbit.

Upon listing, this solid upward trend catapulted BONK to its all-time high, raising its market capitalization to an impressive $4.2 billion. The trading volume of the token increased by 77%, indicating significant individual and institutional interest.

Such frenzy ensured that the memecoin became the number one meme coin within the Solana network. Nevertheless, the accompanying positive sentiments (and anxieties) will lead investors to ask whether BONK will be able to keep the pace considering the historical volatility of the market.

신규 디지털 자산 봉크(BONK) 거래지원 안내

✅ 지원 마켓: KRW 마켓
📅 거래지원 개시 시점: 2024-11-20 12:30 예정

🔗 공지 바로가기:https://t.co/r2DhwVlJcO #Upbit #BONK pic.twitter.com/vSTAAG5cLv

— Upbit Korea (@Official_Upbit) November 20, 2024

Whales Join The BONK Party

Institutional investors see BONK’s promise. A recent whale transaction shows the increasing faith in this meme coin: 65.4 billion BONK tokens for $3.4 million in USDC were bought. Such big sales not only confirm BONK’s popularity but also show how it affects Solana’s bigger ecology.

The rise of the token has drawn more than just whales. Blockchain data shows that the amount of people interested in BONK futures topped $53.5 million, which is around seven times the monthly low. This means that traders are betting on BONK’s rising trend, even though such assets come with risks.

BONK is currently trading at $3.9 billion. Chart: TradingView

Technical Breakthrough Fuels Optimism

The recent end of BONK’s long-term consolidation period offers traders a hopeful signal. Experts say the major causes driving the meme coin’s rise are aggressive trading and increasing buying pressure. BONK temporarily exceeded joke currencies like DogWife when its price shot to $0.00005916 for a fresh ATH.

At the time of writing, BONK was trading at $0.00005364, up 67% in the last seven days, data from Bitstamp shows.

BONK registers a 67% rally in the last week. Source: Bitstamp

Nonetheless, analytical tools suggest that the buying pressure in the market is reaching its limits. This, however, may lead to some temporary downward movement, but experts are still positive on BONK coming back after a certain period. Although the token has retraced to $0.00005684, this hasn’t dampened the community enthusiasm.

Bright Future For BONK And Solana

More than just a viral currency narrative, BONK’s explosive expansion is a triumph for the Solana ecosystem. The buzz around BONK has refocused attention on Solana, attracting fresh users and so strengthening its reputation as a top blockchain platform.

At the same time, the prospect appears to be very optimistic, showing an increase of 252% in price expectations during the next three months, and a further 185% increase in six months. While the thrill of speculation is there, veteran traders ring in their warning. As BONK rides this wave, it’s clear the memecoin is no longer just a joke—it’s a phenomenon reshaping the crypto landscape.

Featured image from SCMP, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.