Solana-based meme coin BONK has been on a mega rally over the past week gaining another 12% today soon after listing on Korean crypto exchange Upbit. As a result, BONK price has shot up more than 12%, with its market cap shooting past $4.2 billion. Also, the daily trading volume has shot by a massive 77% moving all the way past $2.7 billion showing huge investor interest.
BONK Price Breakout After Upbit Listing
Earlier today, South Korea’s largest crypto exchange Upbit announced the launch of BONK’s Korean Won trading market. The listing will significantly boost trading volume for the meme coin driving BONK price even higher.
The South Korean exchange also announced that deposits and withdrawals are only supported through the guided network (BONK-Solana). Also, with Korean crypto investors having a greater appetite for meme coins and altcoins, this development could bode well for the entire BONK community.
Interestingly, this development came at a time when the South Korean crypto exchange is facing a probe over KYC violations. The Financial Intelligence Unit (FIU) has identified more than 500,000 instances of inadequate customer verification by Upbit.
The recent BONK price surge shows a strong breakout from its previous highs. Analysts predicts another 100% rally to take the BONK market cap to more than $10 billion.
What if BONK doesn’t slow down? pic.twitter.com/a4cOnb811p
— WebTrend (@WebTrendCo) November 19, 2024
Among the list of top meme coins, BONK ranks 4th currently. However, it might challenge the likes of Pepe Coin (PEPE) in the future.
BONK Whale Activity Skyrockets
Blockchain analytics platform Lookonchain has revealed significant activity from a well-known smart whale. It noted that a smart investor who previously earned a staggering $4.84 million profit from POPCAT, is now turning its attention to BONK.
Over the past two days, the whale has spent 3.4 million USDC stablecoin to acquire 65.4 billion BONK tokens. This signals the growing confidence in the meme coin’s potential to continue the BONK price rally further.
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.https://t.co/Or4O9Xx6TQhttps://t.co/57q50iJD1Zhttps://t.co/HPIpN8u1PZ pic.twitter.com/5lnUCBuEPZ
— Lookonchain (@lookonchain) November 20, 2024
BONK price currently trades at $0.0000559, with a 24-hour high and low of $0.00004882 and $0.00005916, respectively. With today’s rally, BONK has already extended its weekly gains to more than 75%. It competes with 53% weekly gains by Pepe coin as its trading activity surged to eight-month highs.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
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