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