TLDR:
BONK reached new all-time high of $0.00006 after Upbit KRW listing
Flipped dogwifhat to become largest Solana memecoin by market cap ($4.15B+)
Trading volume exceeded $3.58B, ranking third among memecoins
Strong performance on major exchanges – outpacing SOL and ETH volume on Upbit
Futures open interest hit record $51M, showing increased trader interest
BONK has achieved several milestones following its Korean Won (KRW) trading pair listing on Upbit, South Korea’s largest cryptocurrency exchange.
Bonk
BONK Price
The Solana-based memecoin reached a new all-time high of $0.00006, while also reclaiming its position as the largest memecoin in the Solana ecosystem.
The addition of BONK to Upbit’s KRW market on November 20 marks an expansion of the exchange’s support for the token, following its earlier USDT market listing in October. The move has proven catalytic for BONK’s market performance, driving substantial trading volume and price appreciation.
Trading data shows BONK’s daily volume exceeded $3.58 billion, placing it as the third most traded memecoin globally, trailing only Dogecoin and Pepe. This surge in trading activity has been particularly notable on major exchanges, with BONK’s volume on Coinbase surpassing combined trading volumes of other popular memecoins including Pepe, Shiba Inu, and Dogwifhat.
On Upbit, BONK’s trading activity has outpaced even established cryptocurrencies, recording higher volumes than both Solana and Ethereum. This exceptional performance in the South Korean market suggests growing institutional and retail interest in the token.
The futures market has responded strongly to BONK’s momentum, with open interest reaching a record $51 million. This metric indicates increasing trader engagement and potential for continued price action in both directions.
BONK’s market capitalization has grown to $4.15 billion, marking an 11.79% increase and securing its position as the market leader among Solana-based memecoins. This achievement comes after overtaking its previous rival, dogwifhat (WIF), which now holds a market cap of $3.31 billion.
Price performance metrics show BONK trading at $0.000054, representing an 11.75% increase over 24 hours and a 71.84% gain over the past week. These movements have contributed to an overall rise of over 39,166% from its all-time low.
Technical analysis reveals strong upward momentum since early November, though resistance at $0.000056 may present near-term challenges. The Relative Strength Index (RSI) stands at 81.94, indicating overbought conditions, while the On-Balance Volume (OBV) has nearly doubled from 78.5 trillion to 146.5 trillion since November 1.
Support levels have established at $0.000045 and $0.000039, potentially providing price stability during any market corrections. However, extended profit-taking could test lower support at $0.000024.
The impact of BONK’s performance extends beyond its own market metrics. Trading activity in the broader Solana ecosystem has surged, with decentralized exchange volume exceeding $43 billion over seven days – surpassing combined volumes on Ethereum, Base, BSC, and Arbitrum.
Upbit’s market expansion strategy has included other tokens alongside BONK. The exchange simultaneously added support for JasmyCoin (JASMY) and PolySwarm (NCT) in BTC and USDT pairs. PolySwarm responded positively with a 41.45% daily gain to $0.02715, while JASMY experienced a 3.33% decline to $0.02129.
At press time, BONK’s competitor WIF trades at $3.34, showing a daily decline of 1.56% despite maintaining an 11.98% weekly gain. This market dynamic highlights the shifting landscape of memecoin valuations and trader preferences.
Technical indicators suggest potential price targets of $0.000075 in the short term, though analysts note the possibility of mean reversion toward the 50-day moving average at $0.000028.
The MACD and RSI continue their upward trends, supporting the current bullish market structure. However, trading volumes and price action will require careful monitoring for signs of momentum sustainability or potential corrections.
The post BONK Surges to Record Highs on Major Exchange Listing, Reclaims Memecoin Crown appeared first on Blockonomi.
