Analysts anticipate an additional 100% increase in the BONK price, which surged 12% upon its listing on a major crypto exchange today, resulting in a new ATH.
BONK, a meme coin based in Solana, has experienced a significant increase in value over the past week. Today, it gained an additional 12% in value shortly after being listed on the Korean crypto exchange Upbit. Consequently, the price of BONK has increased by over 12%, and its market capitalization has surpassed $4.2 billion. Additionally, the daily trading volume has increased by an impressive 77%, exceeding $2.7 billion, indicating significant investor interest.
BONK Price Breakout Following Upbit Listing
Earlier today, Upbit, the largest cryptocurrency exchange in South Korea, announced the launch of BONK’s Korean Won trading market. The listing will substantially increase the meme coin’s trading volume, which will further increase the price of BONK.
In addition, the South Korean exchange disclosed that withdrawals and deposits are exclusively supported by the guided network (BONK-Solana). Additionally, this development could benefit the entire BONK community, as Korean crypto investors have a greater appetite for meme coins and altcoins.
This development occurred when the South Korean crypto exchange was investigated for KYC violations. Over 500,000 instances of inadequate customer verification by Upbit have been identified by the Financial Intelligence Unit (FIU).
The recent BONK price increase indicates a robust break from its previous highs. Analysts anticipate that the BONK market cap will surpass $10 billion through an additional 100% increase.
BONK is currently ranked fourth among the top meme coins. Nevertheless, it may pose a challenge to Pepe Coin (PEPE).
The activity of BONK whales has increased significantly
Lookonchain, a blockchain analytics platform, has disclosed substantial activity from a renowned intelligent whale. It was observed that an astute investor, who had previously acquired a staggering $4.84 million profit from POPCAT, is now focusing on BONK.
Over the past two days, the whale has acquired 65.4 billion BONK tokens by spending 3.4 million USDC stablecoin. This indicates that the meme coin’s potential to sustain the BONK price rally is increasing.
The current price of BONK is $0.0000559, with a 24-hour high of $0.00004882 and a low of $0.00005916. Due to today’s rally, BONK has already increased its weekly gains by over 75%. It is in direct competition with Pepe coin, which has experienced a 53% weekly increase in trading activity and has reached eight-month highs.