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Upbit Lists Solana Meme Coin BONK, Price Jumps 7%

by Ouess
written by Ouess

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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BonkBot Shifts to Non-Custodial Model for Enhanced Security

by Ouess
written by Ouess

BonkBot, one of the most popular trading bots on Telegram, is shifting to a non-custodial model. This change aims to enhance user security by implementing Pre-TX protection against hackers.

User Control with Non-Custodial Model

Under this new model, users will have complete control over their assets. They will always have access to their funds and will need to approve all transactions. Notably, BonkBot will not freeze or censor any assets in its Aftermini app, ensuring user autonomy.

In a recent post on X, the developers reassured users that they now fully control their transactions. They have introduced several security features, including two-factor authentication (2FA) for SOL withdrawals, private key exports, and optional token whitelisting. Additionally, the company plans to implement more security measures, such as Face ID and passkey authentication.

Simplified Wallet Management

The new seed phrase wallet model allows users to access multiple wallets with just one phrase. Previously, users had to manage different passkeys for each wallet, complicating crypto management. This enhancement aims to make it easier and safer for users to handle their digital assets.

Addressing Common Concerns

One major concern about Telegram trading bots has been their custodial nature. Typically, private keys and sensitive user information are stored on the provider’s backend, making assets vulnerable to security breaches. By adopting a non-custodial approach, BonkBot prioritizes user safety, allowing users to retain control of their funds.

In the event of a compromised Telegram account, BonkBot offers strong security measures, including 2FA for SOL withdrawals and private key exports. The upcoming updates will also feature Face ID and passkey authentication for additional protection.

Advanced Security Features with Pre-TX Verification

BonkBot’s new Pre-TX verification mechanisms ensure safe transactions, even in the event of platform vulnerabilities. A predefined set of WASM modules will validate the integrity of each transaction, enhancing security further.

Impact on BONK Price

Despite these promising updates, the announcement has not influenced the BONK price significantly. The coin has experienced a 2.16% decline in the past 24 hours, currently trading at $0.0000203846140.

Important User Reminder

BonkBot emphasizes that users should securely store their seed phrases. If a seed phrase is exposed, it falls outside BonkBot’s protection. This transition is a crucial step in balancing user security with convenience, making it easier for users to manage their crypto assets securely.

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Memecoin

BONK Partners with Borussia Dortmund to Bring Blockchain to Football

by Ouess
written by Ouess

BONK has partnered with Borussia Dortmund for the 2024-2025 Bundesliga season, combining Web3 technology with football to enhance fan engagement.

Launching on September 13, 2024, during Dortmund’s match against Heidenheim, this collaboration will bring blockchain-powered experiences to fans. BONK’s mascot, “The Dog,” will be featured throughout the season.

This marks a growing trend of integrating sports and cryptocurrency, offering fans unique digital experiences. Despite a 3.63% dip in BONK’s token price, the project continues to expand through strategic partnerships like this one and its recent collaboration with Manta Network.

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Memecoin

Pepe (PEPE) and Bonk (BONK): Recent Challenges and Price Analysis

by Ouess
written by Ouess

Pepe (PEPE) and Bonk (BONK), two prominent memecoins, faced significant declines over the past few weeks. Coin Edition’s data from CoinMarketCap revealed PEPE’s drop of about 80% from its peak of $0.00000155 in December.

Similarly, Bonk (BONK) faced a decline from its high of $0.000030 on December 15 to a mere $0.000010 at present, reflecting a significant drop in Solana’s leading meme coin.

Despite their recent struggles, both memecoins had experienced surges that initially brought them into the spotlight. PEPE saw a remarkable 1,813% rise over 365 days, mainly driven by a surge in April 2023. On the other hand, BONK exhibited a more recent 5,185% surge over 90 days, possibly leading to profit-taking by early investors.

Pepe’s Price Analysis:

Examining PEPE’s 4-hour chart, it failed to indicate a breakout pattern, remaining within a descending channel. Recovery attempts were evident, but the overall price action signaled continued descent. The Relative Strength Index (RSI) suggested a potential further decline unless buyers could maintain support at $0.0000010, potentially pushing the price toward $0.0000011.

PEPE USDT Daily chart Source : TradingView

However, the Directional Movement Index (DMI) countered the possibility of an uptrend. Currently, the +DMI (green) was 12.07, while the -DMI (red) stood at 33.85, with the ADX (yellow) at 33.70, giving more weight to the -DMI. This scenario might lead PEPE to consolidate around $0.0000010 or even drop below this level if selling pressure intensifies.

Bonk’s Pattern Analysis:

In the last seven days, BONK faced a 26.75% decrease. On the daily chart, BONK showed signs of being ensnared in a pattern that might not prompt significant movement.

Bonk USDT Daily chart Source : TradingView

An additional concern was the dwindling trading volume for BONK during its recent period. The formation of a symmetrical triangle on the daily chart suggested BONK had been consolidating and might soon experience a breakout or breakdown.

A break below the trendline at $0.00010 could signify a new bearish trend for BONK. Conversely, a breakout above $0.000011 would necessitate buyer activity, potentially signaling the start of a bullish trend. Despite a slight increase to 37.50, the RSI requires more upward momentum to confirm a potential increase in BONK’s price.

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