In a thrilling development for the cryptocurrency community, Upbit, one of South Korea’s leading crypto exchanges, announced today the listing of Bonk (BONK) for spot trading. The listing comes as traders react positively, with BONK’s price surging 7% shortly after the announcement, extending its impressive rally to over 35% this month alone.
Trading Begins on Upbit
As of 6:00 PM KST on October 22, users can begin trading BONK in the USDT pair. However, traders should note that deposits and withdrawals through networks other than Solana are not supported at this time. Upbit has sweetened the deal by waiving withdrawal fees for the first 24 hours after deposits open, after which standard fees will apply.
The exchange has also implemented some trading restrictions to ensure market stability. Notably, sell orders priced less than 10% of the previous day’s closing price will be limited for the first five minutes of trading.
Optimism on the Horizon
The recent listing is just the latest in a series of positive developments for Bonk. The project has plans to launch a BONK ETP (Exchange-Traded Product) in the United States, sparking optimism among traders about its future price trajectory. With Bonk’s growing popularity and market presence, many are eagerly speculating on its potential to reach new heights.
Analyzing BONK’s Price Action
The technical indicators suggest that BONK could be on the verge of a significant price rally. Currently trading at $0.00002425, Bonk is poised to make a “golden cross,” where the 50-day moving average is expected to cross above the 200-day moving average. This bullish signal often heralds a price increase, with targets set between $0.000035 and $0.000045.
In the last 24 hours, BONK’s trading volume surged by 30%, indicating a rising interest among traders. Additionally, open interest in futures has skyrocketed to over $300 million, marking a 20% increase. This spike reflects growing market participation and confidence, as traders anticipate further significant price movements.
Also Read: BONK Surges 25% – Will It Hit $0.000041 This October?
As Bonk continues to consolidate after months of trading, the excitement around its recent Upbit listing and potential future developments suggests that it may be gearing up for another breakout. Traders and investors are closely monitoring its price action, hoping for continued upward momentum and the possibility of achieving new all-time highs.
In summary, the recent listing on Upbit is a major milestone for Bonk, positioning it as a key player in the meme coin space. With increasing trading volume, bullish technical indicators, and new products on the horizon, BONK’s journey is just beginning. Whether it will achieve its ambitious price targets remains to be seen, but the current momentum certainly paints a promising picture.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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