As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of meme coins skyrocketing to unprecedented heights. However, the recent BONK price breakout after its listing on Upbit has left me genuinely intrigued.
In simple terms, the meme coin BONK built on the Solana network has experienced an impressive surge over the last week, with a further 12% increase today following its listing on the Korean cryptocurrency exchange Upbit. This growth has propelled the price of BONK beyond 12%, reaching over $4.2 billion in market capitalization. Furthermore, the daily trading volume has skyrocketed by an astounding 77%, surpassing $2.7 billion, indicating substantial investor enthusiasm.
BONK Price Breakout After Upbit Listing
Earlier today, it was announced that South Korea’s leading cryptocurrency exchange, Upbit, is introducing a Korean Won trading market for the meme coin BONK. This move is expected to increase trading activity substantially, potentially pushing up the value of BONK further.
Option: The South Korean trading platform has revealed that transactions can be made exclusively via the BONK-Solana network for deposits and withdrawals. Moreover, this move might benefit the entire BONK community as it caters to Korean crypto investors who have a growing interest in meme coins and alternative cryptocurrencies.
It’s worth noting that this new development arises during a period when the South Korean cryptocurrency exchange, Upbit, is under investigation for KYC (Know Your Customer) violations. In fact, the Financial Intelligence Unit (FIU) has uncovered over half a million instances where Upbit failed to properly verify its customers.
The dramatic increase in BONK’s price suggests a robust breakaway from its past peak levels. Experts foresee an additional 100% boost, pushing the BONK market value beyond $10 billion.
What if BONK doesn’t slow down?
— WebTrend (@WebTrendCo) November 19, 2024
Out of the popular meme tokens, BONK is presently placed fourth. But, there’s a possibility that BONK could potentially rival Pepe Coin (PEPE) down the line.
BONK Whale Activity Skyrockets
According to the blockchain analysis platform, Lookonchain, there’s been notable activity from a prominent ‘smart whale’ investor. This savvy investor, who previously made an impressive $4.84 million profit from POPCAT, is now showing interest in the cryptocurrency BONK.
For the last two days, the whale has used approximately $3.4 million in a stable cryptocurrency (USDC) to purchase around 65.4 billion BONK tokens. This move suggests that they are increasingly optimistic about the meme coin’s potential to drive the BONK price increase even higher.
The smart whale who previously made $4.84M profit on $POPCAT is buying $BONK!
In the past 2 days, he has spent 3.4M $USDC to buy 65.4B $BONK.
— Lookonchain (@lookonchain) November 20, 2024
Right now, the value of BONK is at $0.0000559. Its highest and lowest points over the past 24 hours were $0.00004882 and $0.00005916 respectively. Today’s rally has boosted BONK’s weekly growth beyond 75%. Interestingly, BONK has outperformed Pepe coin this week, with trading activity reaching an eight-month high. This has propelled BONK to surpass Pepe coin’s 53% weekly gains.
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2024-11-20 08:14