Upbit Lists Solana Meme Coin Bonk: BONK Price Jumps 7% and Signals Further Gains
South Korea’s largest crypto exchange, Upbit, made waves today with its announcement to list the Solana meme coin Bonk (BONK) for spot trading. The listing has immediately caused a stir in the market, with BONK price surging by 7% within an hour of the news, extending its rally to over 35% for the month of October.
Upbit’s Bonk Listing Sparks Excitement
On October 22, Upbit officially announced the listing of BONK for spot trading, fulfilling one of the most anticipated digital asset requests from its user base. BONK can now be traded in the USDT pair, with trading kicking off at 06:00 PM KST. The exchange, however, clarified that deposits and withdrawals through networks other than Solana are not supported at this time.
To further entice traders, Upbit has offered a unique incentive: zero withdrawal fees for the first 24 hours after deposits and withdrawals go live. Once the initial window closes, standard fees will apply.
As with all new listings, transaction restrictions are in place. Upbit has outlined that sell orders at prices lower than 10% of the previous day’s closing price will be restricted for five minutes after trading begins. This measure ensures stability and prevents sharp price fluctuations immediately following the listing.
BONK Price on a Bullish Trend
The immediate impact of Upbit’s listing was a 7% price surge for BONK, pushing it to $0.00002425 at the time of writing. Traders have high hopes that BONK will hit new all-time highs, as the meme coin has been consolidating for several months.
In the past 24 hours, the trading volume for BONK has jumped by 30%, showing increased interest from traders. Furthermore, open interest in BONK futures has surged to over $300 million, reflecting a 20% rise in just 24 hours. This spike in open interest indicates that more traders are entering the market, confident that BONK is on the verge of significant price movement.
BONK’s Future: All Eyes on the ETP Launch
What’s fueling even more optimism is Bonk’s recently announced plans to launch a BONK Exchange Traded Product (ETP) in the United States. The upcoming ETP launch is expected to further elevate BONK’s profile and could catalyze more price increases in the near future.
With the combination of increased trading activity, surging futures open interest, and an upcoming ETP, BONK is positioning itself as one of the top meme coins to watch in the coming weeks.
Conclusion: Is BONK Ready to Hit New Heights?
The recent Upbit listing has given BONK the boost it needed to continue its upward momentum, and with strong market participation, the chances of it hitting new highs are increasing. Traders are closely watching BONK’s price action, and its growth potential is becoming even more promising with the upcoming ETP launch in the US.
For now, BONK remains a coin to watch, and investors are eager to see if this meme coin can break through its resistance and hit new all-time highs.
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