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BONK, the Solana-based meme coin, has been making headlines with its exceptional performance since its listing on South Korea’s largest cryptocurrency platform, Upbit.
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Upon listing, this strong upward trend jumped Bonk to its highest levels ever, raising the bar Market value To an impressive $4.2 billion. The token’s trading volume increased by 77%, indicating significant individual and institutional interest.
This frenzy ensured that the memecoin became the number one coin in the Solana network. However, the accompanying positive sentiment (and concerns) will have investors questioning whether BONK will be able to maintain the pace given the market’s historical volatility.
Information about supporting the trading of the new digital asset BONK
✅ Supported market: KRW market
📅 Transaction support start time: scheduled for 2024-11-20 at 12:30🔗 Go to notification: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 the promise of BONK. A recent whale transaction shows the growing confidence in this meme: 65.4 billion BONK tokens were purchased for $3.4 million in USDC. Such large sales not only confirm BONK’s popularity but also show how much of an impact it has had on the greater Solana environment.
The symbol’s rise has attracted more than just whales. Blockchain data shows that the number of people interested in BONK futures contracts exceeded $53.5 million, which is seven times the monthly low. This means that traders are betting on the upside of BONK, even though this asset comes with risks.
Technical breakthrough fuels optimism
The recent end of BONK’s long-term consolidation period provides traders with an optimistic signal. Experts say that the main reasons that led to the rise of the memecoin are aggressive trading and increased buying pressure. BONK has temporarily outgrown prank currencies like DogWife when it is The price rose to $0.00005916 for a new ATH.
At the time of writing, BONK is trading at $0.00005364, up 67% in the past seven days, according to Bitstamp data.
However, analytical tools indicate that the buying pressure in the market has reached its limits. However, this may lead to some temporary downward movement, but experts are still optimistic about BONK’s return after a certain period. Although the token fell to $0.00005684, this did not dampen the community’s enthusiasm.
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Bright future for Punk and Solana
More than just a viral currency narrative, BONK’s massive expansion is a victory for the Solana ecosystem. The hype around BONK has refocused attention on Solana, attracting new users and thus enhancing its reputation as a leading blockchain platform.
At the same time, the forecast seems to be very optimistic, which indicates the presence of… 252% increase In price expectations over the next three months, another 185% increase in six months. While the speculative excitement is there, seasoned traders sound their warnings. As BONK rides this wave, it’s clear that memecoin is no longer just a joke – it’s a phenomenon that is reshaping the cryptocurrency landscape.
Featured image from SCMP, chart from TradingView
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