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Upbit Lists Solana Meme Coin BONK, Price Jumps 7%

Upbit Adds BONK, Boosts Meme Coin’s Rally South Korea’s largest crypto exchange, Upbit, has announced the listing of Solana meme coin BONK. This news triggered a 7% surge in BONK’s price, extending its rally to over 35% this month.

BONK Listed for Spot Trading on Upbit

On October 22, Upbit revealed that it would list BONK, one of the most demanded digital assets for spot trading. Users can now trade BONK in USDT pairs, starting at 06:00 PM KST. However, deposits and withdrawals are only supported through Solana’s network, excluding others for now.

For the first 24 hours, withdrawal fees are waived, with regular fees applying after that period. Additionally, the exchange placed restrictions on transactions, limiting sell orders to no less than 10% of the previous day’s closing price for the first 5 minutes of trading.

BONK’s Price Surge and Future Potential

Following the Upbit announcement, BONK’s price jumped 7% within an hour, as traders predicted the meme coin might reach new all-time highs. The coin had been consolidating for months, but now BONK is on track to form a “golden cross.” This bullish signal occurs when the 50-day moving average crosses above the 200-day moving average, potentially setting the stage for a strong rally.

Price targets for BONK are set at $0.000035 and $0.000045, with the coin currently trading at $0.00002425. Its price has rebounded from a key Fibonacci retracement level of $0.0000232, indicating further upside potential.

Increased Trading Volume and Open Interest

In the past 24 hours, BONK’s trading volume rose by 30%, indicating growing interest among traders. Furthermore, open interest in BONK futures surged by 20%, reaching over $300 million. This spike suggests that more traders are opening positions in anticipation of major price movements, reflecting heightened market participation and confidence.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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