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Upbit has officially listed Solana's meme coin, BONK, for spot trading with the USDT pair, causing a 30% spike in trading volume and a 7% price increase within an hour of the announcement. Investors anticipate further price rallies as the coin forms a bullish golden cross.
Upbit Lists Bonk for Spot Trading
Upbit, a cryptocurrency exchange, made the announcement public on October 22 that it has added one of the most sought-after digital assets to its spot trading platform. Finally, the exchange has chosen to add Bonk, the Solana meme coin, for spot trade.
Trading in the USDT pair for BONK will begin at 06:00 PM KST on October 22 for users. We do not support the use of networks other than Solana for deposits and withdrawals.
The fee for withdrawing BONK digital assets is free for the first 24 hours after the deposit and withdrawal process begins, and then it starts charging, according to Upbit, Coingape notes.
BONK Faces Trading Restrictions on Upbit
Trading limit price is decided by the price at CoinMarketCap, and transaction limits remain in place as before. Users were also made aware of the minimum sell price restriction by the crypto exchange. For the first five minutes of trading, you won't be able to place sell orders at prices lower than ten percent of the previous day's closing price.
Many are hoping that Bonk's price will continue to rise after the company revealed its intention to create a BONK ETP in the United States.
BONK Price Surges 7% After Upbit Listing
The price of BONK surged by 7% in the hour following Upbit's announcement of listing with the USDT pair. After months of consolidation, traders are now anticipating a fresh all-time high for the Solana joke coin.
Bonk is anticipated to form a "golden cross" when the blue 50-day moving average surpasses the red 200-day moving average, which serves as its long-term counterpart. A positive indication, it shows that a rally is about to happen. Following a recent bounce from $0.0000232—a 0.236 Fibonacci retracement level—the price is expected to reach goals of 0.000035 and 0.000045.
BONK Trading Volume Jumps 30% in 24 Hours
As of this writing, one BONK token is worth $0.00002425. The low for the day is $0.00002304, and the high is $0.00002485. Additionally, there has been a 30% spike in trading volume during the past 24 hours, suggesting that traders are more interested in the market.
In addition, futures open interest has increased by 20% in the past day, reaching $300 million. A greater number of traders are opening positions, suggesting heightened market involvement and investor confidence. This could be due to their anticipation of large price swings or trends.
