Bonk, the Solana-based meme coin, reached new heights following its listing on South Korea's Upbit crypto exchange. This event has spurred a series of positive developments around the asset, raising its value and investor interest.
Reasons for BONK’s Growth
The price of Bonk saw a significant increase amidst growing investor interest in the meme coin’s futures market. CoinGlass reports show that open interest (OI) for BONK futures hit an all-time high of $53.5 million, more than 7 times its monthly low. A key growth factor was its listing on South Korea’s largest exchange Upbit, which elevated its daily trading volume to $3.5 billion.
Unrelenting Bullish Momentum
Despite a notable 72% surge over the past week, BONK continues to show a bullish trend. On the BONK/USDT daily price chart, the exponential moving average (EMA) lines indicate strong optimism, with the short-term 50-day EMA above the long-term 200-day EMA. This confirms a bullish trend, although the Relative Strength Index (RSI) marks the asset as overbought.
Factors Supporting Growth
Beyond the Upbit listing, Bonk DAO’s announcement for burning 1 trillion tokens by Christmas aims to reduce supply, increasing scarcity. Additionally, interest from large investors in BONK futures is drawing attention from retail investors. A major investor purchased 65.4 billion BONK for 3.4 million USDC, signaling confidence in the asset.
Bonk's success following Upbit listing and interest from whales, along with token burn reducing supply, signals continued short-term growth trend.
