The Solana-based meme coin, **Bonk ($BONK )**, has seen a significant surge following its recent listing on **Upbit**, South Korea's largest cryptocurrency exchange. This new development has already driven a 7% jump in BONK's price, pushing the token's monthly rally to over 35%.
### Upbit Lists Bonk for Spot Trading
On **October 22**, Upbit officially added **Bonk** to its platform for spot trading, with the BONK/USDT trading pair going live at 18:00 KST. The announcement immediately boosted BONK’s price by 7%, reflecting increased interest from traders. This listing further solidifies Bonk’s presence in the cryptocurrency market, particularly within the South Korean trading community.
It is important to note that Upbit currently supports deposits and withdrawals for BONK only via the **Solana** network. Additionally, to encourage early trading activity, Upbit has waived **withdrawal fees** for the first 24 hours after the listing. Once this period expires, standard fees will apply.
Trading restrictions are in place, with price limits based on CoinMarketCap’s data. For the first five minutes of trading, sell orders below 10% of the previous day's closing price will be restricted.
### Is a Rally on the Horizon?
The listing on Upbit has sparked optimism among traders and analysts who believe that Bonk may be gearing up for a new all-time high. After a period of consolidation, the price of BONK has surged, and technical indicators suggest the potential for further upward movement.
One key indicator, the **"golden cross"**, which occurs when the 50-day moving average crosses above the 200-day moving average, points to a potential bullish rally. Analysts are eyeing price targets of **$0.000035** and **$0.000045**, with the token currently trading around **$0.0000232**, at the 0.236 Fibonacci retracement level.
### Current Market Overview
As of now, BONK is trading at **$0.00002425**, with a 24-hour low of **$0.00002304** and a high of **$0.00002485**. Trading volume over the past 24 hours has surged by **30%**, reflecting increased market interest.
Additionally, open interest in **BONK futures** has risen to over **$300 million**, representing a **20%** increase in the last 24 hours. This growth signals increasing confidence among investors, coupled with heightened market activity.
### Conclusion
The recent listing of Bonk on Upbit has triggered a wave of optimism among traders, with many predicting a potential 2X rally. While the technical indicators and rising market interest point towards a bullish outlook, it is crucial for investors to remain cautious and informed about the volatility in the cryptocurrency space.
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