BONK Price Surges Past $0.000055 Following Major Korean Exchange Debut

TLDR

• BONK surged 12% after Upbit listing, reaching new all-time high
• Market cap exceeded $4.2 billion with daily trading volume of $2.7 billion
• Major whale invested 3.4 million USDC for 65.4 billion BONK tokens
• Weekly gains reached 75%, outperforming PEPE’s 53% increase
• Analysts project potential $10 billion market cap milestone

The Solana-based meme coin BONK has reached a new milestone today, surging 12% following its listing on Upbit, South Korea’s largest cryptocurrency exchange.

The latest price movement has pushed BONK’s market capitalization beyond $4.2 billion, marking another achievement in its recent growth trajectory.

Trading volume for BONK has shown remarkable strength, increasing by 77% to reach $2.7 billion within 24 hours of the announcement.

The surge in volume indicates strong trader interest in the token, particularly from the Korean market, which has historically shown enthusiasm for cryptocurrency trading.

Upbit’s announcement detailed the launch of BONK’s Korean Won trading market, creating a direct fiat gateway for Korean investors. The exchange has specified that deposits and withdrawals will only be supported through the guided network, utilizing the BONK-Solana infrastructure.

The timing of this listing comes during an interesting period for Upbit, as the exchange faces scrutiny from South Korea’s Financial Intelligence Unit (FIU). The regulatory body has identified over 500,000 cases where the exchange allegedly failed to meet proper customer verification requirements.

BONK’s price performance has been notably strong in recent weeks. The token is currently trading at $0.0000559, establishing new price levels after breaking through previous resistance points. The daily trading range has shown stability, with a low of $0.00004882 and a high of $0.00005916.

The weekly performance metrics for BONK have been particularly impressive, with gains exceeding 75% over the past seven days. This outpaces other popular meme coins in the market, including Pepe coin, which posted a 53% increase during the same period.

Whale activity has emerged as a key factor in BONK’s recent price action. Blockchain analytics platform Lookonchain has tracked substantial movements from a prominent trader who previously generated $4.84 million in profits from POPCAT investments. This same investor has now allocated 3.4 million USDC to acquire 65.4 billion BONK tokens over a two-day period.

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

The current market positioning places BONK as the fourth-largest meme coin by market capitalization. The token’s growth has attracted attention from market participants who see potential for further expansion in its market presence.

Trading patterns show increased activity across multiple exchanges, with the Upbit listing adding to the existing trading pairs available to investors. The addition of Korean Won trading pairs opens up new possibilities for price discovery and market depth.

The token’s integration with Upbit’s trading infrastructure required technical preparations to ensure smooth trading operations. The exchange has implemented necessary security measures and trading protocols specific to the BONK token.

Market data indicates strong buy pressure across various trading pairs, with sustained volume supporting the price levels. The distribution of trades shows participation from both retail and larger market participants.

The recent price movement has maintained steady momentum, avoiding the extreme volatility often associated with meme coin trading. This pattern suggests more measured market participation and potentially more sustainable price action.

Technical indicators show several support levels have formed during the recent price advance, providing structural support for the current trading range. These levels have been tested and held during various trading sessions.

Order book analysis reveals balanced trading activity, with new buyers entering the market while existing holders maintain their positions. This dynamic has contributed to the steady price appreciation observed in recent trading sessions.

The most recent trading data shows BONK maintaining its gains following the Upbit listing, with active trading continuing across all major pairs.