Bonk Price May Rally 2X After Major Listing on Upbit

South Korea’s largest crypto exchange Upbit on Tuesday said it will list Solana meme coin Bonk today. Traders responded immediately as BONK price saw a sudden 7% jump after the announcement, extending the rally this month to over 35%.

Upbit Lists Solana Meme Coin Bonk for Spot Trading

Crypto exchange Upbit in an official announcement on October 22 revealed the listing of one of the most demanded digital assets for spot trading. The exchange has finally decided to list Solana meme coin Bonk for spot trading.

Users can start trading BONK in USDT pair from 06:00 PM KST on October 22. The deposits and withdrawals through networks other Solana networks is not supported.

“BONK digital asset withdrawal fees are provided free of charge for approximately 24 hours after the start of deposits and withdrawals, and fees are charged from the 24-hour mark, said Upbit.

Transaction restrictions apply as usual, with trading limit price determined based on the price at CoinMarketCap. The crypto exchange also informed users about the minimum sell price restriction. Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading begins.

The Dog on Upbit❗️❗️❗️ https://t.co/BvYa6M7UiC

— BONK!!! (@bonk_inu) October 22, 2024

Recently, Bonk announced plans to launch a BONK ETP in the US ahead, sparking optimism over its future price movements.

BONK Price to Rally Ahead?

BONK price jumped 7% immediately within an hour after Upbit announced listing with USDT pair. Traders anticipate a new all-time high as the Solana meme coin has consolidated for months now.

Bonk to make “golden cross” as the 50-day moving average (blue) is expected to cross above its long-term moving average of 200-DMA (red). It is a bullish indicator and signals an upcoming rally. The price targets are 0.000035 and 0.000045, as it is currently bouncing from $0.0000232, a 0.236 Fib retracement level.

BONK price today currently trades at $0.00002425. The 24-hour low and high are $0.00002304 and $0.00002485, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.

Furthermore, the open interest in futures has surged to over $300 million, reflecting a growth of 20% in the last 24 hours. This spike implies increased market participation and investor confidence as more traders are opening positions, potentially anticipating significant price movements or trends.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.